File an Annual Report

What is an annual report?

Once your business is formed, your state may require your business to meet ongoing requirements to stay in good standing. In most cases, your business will need to file an annual report.

An annual report is a yearly filing submitted to the Secretary of State. It's main purpose is to keep a record of any business changes and yearly business activities. Each state has its own requirements for the contents of an annual report, but generally those requirements are similar from state to state. For larger, publicly traded corporations listed on the stock exchange, lengthier and often complex reports are also needed to detail information to the business' shareholders (Form 10-K). However, for most small to mid-sized businesses, the requirements of an annual report are relatively simple.

If a business fails to 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.

When do I need to file my Annual Report?

In some states, the annual report is filed at a pre-determined date for all entities regardless of the date of formation, while other states may require filing on or before the anniversary date of formation. 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 MyCorporation's annual filing service to file your report, we will automatically check the due dates and requirements for you.

You can also use our chart to see annual report due dates for all 50 states.

Is my business required to file an annual report?

Not every state requires you to file an annual report. In fact, in some states, annual reports aren't even filed annually. For example, Pennsylvania requires LLCs and corporations to file a report every 10 years. Meanwhile in Arizona, they are not required at all. You can find out about your annual requirements by contacting your Secretary of State, or give us a call and we can tell you if your business requires an annual report, and when it is due.

What kind of information is required in an Annual report?

Each state dictates its own requirements in terms of the contents of an Annual report. Generally, the basic information that is required in an annual report is the following:

• The name and address of the business' registered agent or resident agent)
• The current business address
• The names and addresses of the officers, directors, or members
• A description of the business activities currently being conducted.

Public companies have a statutory requirement to send an annual report to shareholders and file more detailed financial information on Form 10K with the Securities and Exchange Commission. Private companies can likewise use annual reports to provide important company and financial information to investors, customers, employees and the media.

• Operating and financial highlights
• Letter to the shareholders from the CEO
• Management's discussion and analysis
• Financial statements
• Auditor's report
• Summary of financial data