The Importance of an Annual Report
Corporations and LLCs must report to the state information about business activities, business locations, and current contact information for owners/managers. Most states require this information be updated annually. By submitting the Annual Report (sometimes called Statement of Information), this filing requirement is met.
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 which vary by state.
If a business doesn't file in a timely manner, the corporation or LLC could be subject to suspension or dissolution in addition to having penalties and late fees imposed by the state.
MyCorporation makes it easy to file an annual report for only $59
In most states, the initial report is due shortly after the corporation is formed. In addition, for many states, annual reports are filed on each anniversary of the corporation or by some other specific date each year (such as April 15). The applicable filing period for annual reports is typically the calendar month during which the corporation's original Articles of Incorporation were filed and often a few months preceding the corporate anniversary. Failure to timely file the appropriate annual or biennial records could result in a penalty. Keep in mind that the filing times and requirements are not the same for every state, and you should confirm with the state in which you are incorporated. When you use us for your annual report filings, we will automatically check the due dates for you.
Information required on annual reports generally includes the following:
- The name and address of the current agent for service of process (i.e., the "Registered Agent" or "Resident Agent");
- The corporation's principal business address
- The names and addresses of the officers, directors, or members; and
- A description of the business activities being conducted.
In addition, many states will require information on share issuance, assets, and property. Since requirements vary by jurisdiction, we'll make sure your documents are filed correctly.
No. In fact, corporations and LLCs are required to file these reports even if they are not actively engaged in business at the time a report is due.
Foreign Corporations and LLCs usually have the same annual obligations to the state as domestic entities. Therefore, a corporation or LLC will generally be required to file an Annual Report with any state in which it is registered as a foreign entity, in addition to any annual filings required by the corporation or LLC's home state.
Many states allow changes to the information contained in the last Annual Report or Statement of Information to be made any time outside of the normal filing period by filing an amended Report or Articles of Amendment.
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