Filing an annual report is a key compliance obligation for most business entities in the United States. Whether you run an LLC, a corporation, or a nonprofit, understanding the requirements for the annual report for your entity type and jurisdiction is essential to maintaining your good standing with the state and avoiding late fees or dissolution.
What Is an Annual Report?
An annual report is a legally required filing submitted to a state agency—typically the Secretary of State—that verifies your business is still active and operating. It updates the government with current information about your business structure, ownership, and contact details. In some cases, annual reports must also be filed with federal agencies such as the IRS or SEC, depending on your entity type.
What Information Is Required?
The specific contents of an annual report vary slightly by state and business type, but generally include the following:
- Business Name – The legal name as registered with the state
- Principal Business Address – Where the business is physically located
- Registered Agent Information – The name and address of the person or service designated to receive legal documents
- Names of Owners, Members, Officers, or Directors – Depending on whether the entity is an LLC, corporation, or nonprofit
- Entity Type and Status – For confirmation of the business structure
- Stock or Share Information – Required for corporations, including the number of authorized and issued shares
- Business Purpose or Description of Activities – In some jurisdictions
Additional Requirements for the Annual Report by Entity Type
- LLCs typically file annually or biennially with state agencies and must report member or manager details.
- Corporations must often disclose more detailed information, such as officer titles and stock structure.
- Nonprofits may be required to file both an IRS Form 990 and a state-level charitable registration renewal or annual report.
Filing Deadlines and Fees
Each state has its own filing deadlines and fees. Missing a deadline can result in penalties or administrative dissolution, so it’s important to track compliance dates and file on time.
Final Thoughts
Annual report requirements are relatively straightforward but vary depending on your state and entity type. To stay compliant, always verify your specific obligations through your state’s Secretary of State website or consult with a qualified compliance professional.
If you need any assistance, contact us today. Dimov Tax is ready to present professional aid.