Need to know how to file an annual report for your LLC? In many states, LLCs and other business entities must file an annual report. Find out below with our detailed insights and step-by-step guide.
Filing an annual report is an important step to ensure business owners remain compliant with state law. When filing an annual report, there are a number of considerations you need to keep in mind.
Summary
What is an annual report for LLCs?
An LLC’s annual report is also known as a statement of information since it is designed to provide your state with important details about your business along with any updated information or changes that have occurred since the last filing period.
By keeping this information up to date, a business ensures that it will receive notice of lawsuits and other important correspondence.
Filing this report also keeps your LLC compliant with all state regulations and in good standing to preserve your limited liability protections and other LLC benefits.
Am I obliged to file an annual report?
Most states require LLCs to file an annual report however there are exceptions. The following states do not require LLCs to file an annual or biennial report: Alabama, Arizona, Arkansas, Delaware, Missouri, New Mexico, Ohio, and South Carolina.
Business entities that might be required to file annual reports include corporations, LLCs, nonprofit corporations, limited partnerships, and limited liability partnerships.
To find out whether your state requires an annual report for your type of business entity, visit the state agency’s website where you filed your organizational documents.
You can also do an internet search for “annual report” in your state. Some states do not call their documents “annual reports.” In California, businesses will file a “statement of information.”
The reporting schedule and required fees can vary significantly by state. Some states have a predetermined date for all entities to report, while others require that annual reports be filed on the anniversary of your date of formation. Fees vary anywhere from $0 to $500.
What should I include in the annual report?
Each state has its own LLC laws and regulations, along with varying requirements for what to include in an annual report. Many states allow you to fill out and file your annual report electronically through the state business filing agency website.
You must print the form from the website and mail it to the state in other states. Typically, though, your annual report will include:
- Your principal business address
- All important identification numbers for your business, such as your state entity number
- Names and addresses of your members and managers
- The purpose of your business
- A list of authorized signatories
- Your registered agent’s information
When should I submit an annual report?
In some states, annual reports need to be filed on a predetermined date for all entities regardless of the date of formation. Other states require the annual report to be filed on the anniversary date of formation.
The due dates for LLC and corporation annual reports vary from state to state. You can find your filing date on your state’s website.
How to file an annual report?
Most states allow LLCs to file their reports either by mail or online. Many will send a form and notice to your registered agent when the due date is coming up so that you do not miss your reporting deadline.
If you’re comfortable completing the task yourself, you will need to file an annual report for your LLC or corporation online through your state’s website.
In California, this involves submitting a Statement of Information to the California Secretary of State. In Florida, you can file your annual LLC report online on the Sunbiz website.
Once you have completed the form, you must submit it to the state along with any required filing fee. Some states also require you to pay franchise taxes or other business taxes when you file the annual report.
Many states allow you to file this paperwork online, but some may request a paper-filing that has to be mailed to the correct office. Check with the Secretary of State in your state for details.
It’s also worth noting that if you are registered to do business in more than one state, you may have to file annual reports in each state where your business is registered. To do this, you’ll need to repeat the same procedure you used to file in your home state.
What help is available to file my annual report?
Consulting with an experienced and qualified company formation service can often save businesses a lot of time and effort to complete their annual LLC reporting requirements.
Some states will also require you to file other business documentation if important details of your business have changed.
FAQs
How much is it to file an annual report?
The required fees for filing an annual report can vary significantly by state with fees vary anywhere from $0 to $500.
How do you write an annual report?
Your annual report should include your principal business address, identification numbers for your business, names and addresses of your members and managers, purpose of your business, authorized signatories and registered agent’s info.
What happens if you don’t file an annual return?
If you don’t file an annual return, the consequences of failing to file can be severe. Some states may impose a late fee, penalties, and/or taxes, while others may even involuntarily dissolve your LLC.
Is submitting an annual return mandatory?
Most states have mandatory LLC annual report filings with many sending a form and notice to your registered agent of the due date. The following states do not require LLCs to file an annual or biennial report: Alabama, Arizona, Arkansas, Delaware, Missouri, New Mexico, Ohio, and South Carolina.
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