What Is An Annual Report?

What Is An Annual Report?

Reports contain entity information which covers each and every aspect of the business on a timely basis. But, unlike other companies, Annual reports in LLC are not just limited within the companies. They not only deal with the progress of the company but also mention yearly updates of LLC. It usually comprises of the name of the company, street address/ business address, details of services, details of shareholders, the signature of members/ shareholders, an Identification number of your business, number of share stocks, etc. Some of the state filing offices also demand owners/ members personal address. These reports are submitted to the Secretary of State each year or biennial, depending on the state. These reports are to be submitted in the state filing office. Some states provide online filing services whereas, in some states, it still works on hard copy. There is no fixed format of an annual report; the format varies from state to state.

Purpose Of An Annual Report

It ensures that your LLC is functioning in a good position. The report crosses checks if there are any kind of changes in the name, address, registered agent, your growth, finances, etc. Failure of an annual report can lead to confiscation of your business, license and negative consequences on the members or owners. If you don’t pay annual maintaining fees or annual report to the state than, the state can either close or dissolve your LLC. And, having a low stand in the market is not good for the company. According to your vigilance, it can either work as boon or curse.

Many states accept annual reports in different forms; refer to the chart given below:

Annual Report States

Other than these legal annual reports, many companies create another annual report to outlook a company’s profit and loss and yearly performance. Reports are just like any other annual reports, including:

  • Profits/Losses
  • Incoming/Outgoing
  • Balance Sheet
  • Future assets/ completed assets
  • Market Competition
  • Volume and value of stocks/shares
  • Project revenue, financial projection
  • Letter by a chairman or short messages by members
  • Opportunities/ Risk

Filing Fee And Due Date

A filing fee varies from state to state but on an average, it ranges from $10 to $800 per year. The due date also varies according to the entity and state. Few states orders to file annual reports on the company’s anniversary date or on predetermined dates. Filing tenure can be yearly, biennially, after 10 years or according to state and its requirement.

How To File An Annual Report

An annual report can be filed online through the state’s verified website and filing fees can be paid through credit card or debit card. Another method is through the mail. For mail, the report has to be written in blue or black pen (or computerized report). One copy should be kept by the company for business records. After which, reports can be mailed to the state along with filing fees in the form of cheque or money order.

According to the company’s convenience, any method can be chosen. But regardless of the method filing the report on time is more important.

Consequences Of Annual Report

If you don’t fill an annual report on time, the state may charge you penalty fees. Failure of an annual report can lead to confiscation of your business; license and negative consequences can be taken on the members or owners. If the state has strict rules and regulations, it can either close or dissolve your LLC and having a low stand in the market is not good for your company.

In case, you have hired a company to form your LLC, then the annual report is your responsibility, in order to keep your company in compliance and good standing.

Where Do You Get Annual Reports – State Wise?

Many people find and file annual reports through their registered agents. Some of them find it by themselves after creating an LLC. In case you are unable to find an annual report for your state, the links given below in the following table may help you to find one.

Official State Department NameBusiness DivisionBusiness Entity Search
Alabama Secretary of StateAlabama Business ServicesAlabama Business Entity
State of AlaskaAlaska Division of Corporations, Business & Professional LicensingAlaska Corporations Database
Arizona Secretary of StateArizona Corporation CommissionArizona eCorp Business Entity Search
Arkansas Secretary of StateArkansas Business & Commercial ServicesArkansas Business Entity Search
California Secretary of StateCalifornia Business EntitiesCalifornia Business Search
Colorado Secretary of StateColorado Business OrganizationsColorado Business Database Search
Connecticut Secretary of StateConnecticut Business ServicesConnecticut Business Inquiry Search
State of DelawareDelaware Division of CorporationsDelaware Business Entity Search
District of Columbia Office of the SecretaryDistrict of Columbia Department of Consumer and Regulatory Affairs (DCRA)District of Columbia Business Filings Search
Florida Department of StateFlorida SunbizFlorida Business Name Search
Georgia Secretary of StateGeorgia Corporations DivisionGeorgia Business Search
State of HawaiiHawaii Business Registration (BREG)Hawaii Business Entity & Documents Search
Idaho Secretary of StateIdaho Business EntitiesIdaho Business Entity Search
Illinois Secretary of StateIllinois Business ServicesIllinois Corporation & LLC Search
Indiana Secretary of StateIndiana’s INBizIndiana Business Search
Iowa Secretary of StateIowa Business ServicesIowa Business Entities Search
Kansas Secretary of StateKansas Business Filing CenterKansas Business Entity Search Station (BESS)
Kentucky Secretary of StateKentucky Business ServicesKentucky FastTrack Business Organization Search
Louisiana Secretary of StateLouisiana Business ServicesLouisiana Business Filings Search
Maine Secretary of StateMaine Bureau of Corporations, Elections and CommissionsMaine Corporate Name Search
Maryland Secretary of StateMaryland Department of Assessments and Taxation Business ServicesMaryland Charter Record Search
Massachusetts Secretary of the CommonwealthMassachusetts Corporations DivisionMassachusetts Business Entity Search
Michigan Secretary of StateMichigan Corporations, Securities & Commercial Licensing BureauMichigan Business Entity Search
Minnesota Secretary of StateMinnesota Business ServicesMinnesota Search Business Filings
Mississippi Secretary of StateMississippi Business Services Division Mississippi Business Search
Missouri Secretary of StateMissouri Business Services DivisionMissouri Business Entity Search
Montana Secretary of StateMontana Business Services DivisionMontana Business Entities Search
Nebraska Secretary of StateNebraska Business Services DivisionNebraska Corporation and Business Search
Nevada Secretary of StateNevada Commercial Recordings DivisionNevada Business Entity Search
New Hampshire Secretary of StateNew Hampshire Corporation DivisionNew Hampshire QuickStart Business Search
New Jersey Department of StateNew Jersey Department of the TreasuryNew Jersey Business Entity Name Search
New Mexico Secretary of StateNew Mexico Corporations BureauNew Mexico Business Search
New York Department of StateNew York Division of CorporationsNew York Corporation & Business Entity Database
North Carolina Department of the Secretary of StateNorth Carolina Corporations DivisionNorth Carolina Corporate Name Search
North Dakota Secretary of StateNorth Dakota Business ServicesNorth Dakota Business Records Search
Ohio Secretary of StateOhio Business ServicesOhio Business Search
Oklahoma Secretary of StateOklahoma Business ServicesOklahoma Search Corporation Entities
Oregon Secretary of StateOregon Corporation Division ServicesOregon Business Name Search
Pennsylvania Department of StatePennsylvania Bureau of Corporations and Charitable OrganizationsPennsylvania Business Entity Search
Puerto Rico Departamento de EstadoPuerto Rico Registro de Corporaciones y EntidadesPuerto Rico Búsqueda de Corporaciones
Rhode Island Secretary of StateRhode Island Business PortalRhode Island Public Browse and Search
South Carolina Secretary of StateSouth Carolina Division of Business FilingsSouth Carolina Search Business Filings
South Dakota Secretary of StateSouth Dakota Business ServicesSouth Dakota Business Information Search
Tennessee Secretary of StateTennessee Business ServicesTennessee Business Information Search
Texas Secretary of StateTexas Corporations SectionTexas Taxable Entity Search
Utah Secretary of StateUtah Division of Corporations & Commercial CodeUtah Business Name Search
Vermont Secretary of StateVermont Corporations & Business ServicesVermont Business Search
Commonwealth of VirginiaVirginia State Corporation CommissionVirginia Business Entity Search
Washington Secretary of StateWashington Corporations DivisionWashington Corporations Search
West Virginia Secretary of StateWest Virginia Business and Licensing DivisionWest Virginia Business Entity Search
Wisconsin Secretary of StateWisconsin Corporation Section of the Division of Corporate & Consumer ServicesWisconsin Search Corporate Records
Wyoming Secretary of StateWyoming Business DivisionWyoming Business Entity Search