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Overview
In most states, corporations or LLCs are required to pay annual fees and taxes for the privilege of operating as a state-level entity.
In addition to these taxes, most states also require that you submit information about business activities and any changes to your principals or addresses.
In most states, this information is referred to as an Annual Report, or Statement of Information.
And your first annual report or statement of information upon forming your business is called the Initial Report.
Please note that under most conditions (whether a new business, conducting business, or not conducting business at the time, etc.) you are required to file according to your state's schedules. Schedules for filing vary by each state.
And, if you fail to provide the required information in a timely manner, your corporation or LLC could be subject to suspension (or even dissolution) in additional to penalties and late fees imposed by your state.
