Does every state require an annual report?

Does your business need to produce and file an annual report? Not every state requires annual reports. For example, Arizona doesn’t mandate them for either LLCs or corporations.

Are annual reports mandatory?

Annual reports became a regulatory requirement for public companies following the stock market crash of 1929, when lawmakers mandated standardized corporate financial reporting. The intent of the required annual report is to provide public disclosure of a company’s operating and financial activities over the past year.

Who needs to file annual reports?

Statutory business entities—which include business corporations, nonprofit corporations, limited liability companies (LLCs), limited partnerships (LPs) and limited liability partnerships (LLPs)—are generally required to file an information report with the business entity filing office of their formation state and of …

Is an annual report required for LLC?

LLCs are required to file annual reports in most states along with an annual reporting fee or tax. If these reports are not filed on time, there can be expensive and problematic consequences for the company.

Do you have to file an annual report with your state?

Depending on the state in which you have registered your business, you might also have to pay other business taxes when filing your annual report. In most states, you’ll be able to file your paperwork online.

How often do LLCs have to file annual reports?

Some states have biennial reports (due every two years) and even decennial filing requirements, as is required in Pennsylvania. In addition to ongoing annual reports, some states also require an initial report, usually due shortly after filing formation or qualification documents.

What do you need to know about annual reports?

Most entities are subject to regular reporting requirements to the federal government, state jurisdiction, and/or local jurisdictions in which business is transacted. The definition of an annual report is a required filing due to the Secretary of State, usually a listing of directors, officers and some financial information.

Do you have to file an annual report as a foreign entity?

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.