In order for businesses to maintain “good standing” in the state in which they were formed, corporations, limited liability companies and other business entities are required, in most states to submit annual reports to the appropriate state agencies. In most cases that agency is the Office of the Secretary of State in the state or states in which the company does business, though sometimes it is the Office of Revenue or Office of Business Affairs. These annual reports (also called annual statements or statements of information) provide state agencies with a record of a company’s business activities for the previous year and with a record of any changes that have occurred within the corporation during that time period. Information contained in annual reports may include, but is not limited to, the following:
- The name of the corporation
- The corporation’s principal address
- The state in which the corporation was formed
- Current contact information including addresses of directors and officers of the corporation or of members and officers for LLCs
- Business activities conducted within the state
- Corporations must include the number of authorized issued shares
- Name and contact information of the company’s registered agent
- Capital investments and paid in capital
- Other information that may differ from state to state
The Importance of Annual Reports
Due dates for the submission of annual reports vary from state to state and by business type: corporations, limited liability companies (LLCs), nonprofits, limited partnerships (LPs) and limited liability partnerships (LLPs). In some states, the due date for the annual report is the anniversary month of the business formation while other states set a specific deadline date for all entities to file. All business entities are required to file reports in accordance with state schedules, failure to do so can have serious consequences. There is a fee to file required annual reports which, in most states, amounts to between $10 – $100 dollars, though some states may charge as much as $500 in filing fees. If the fee is not submitted with the report, the state will not accept it for filing. Late filings subject the company to various penalties and late fees that, again, vary from state to state with some states charging as little as $10 and some charging as much as $400 for tardy reports.
These costs are in addition to the regularly required filing fee. Consequences for failing to file annual reports are even more severe. Companies that fail to file annual reports can expect additional fees on top of the original filing fee, suspension of the right to do business in other states or dissolution of the business altogether. In the cases of suspension and dissolution, the company will need to file for reinstatement which involves resubmitting state required paperwork and paying all associated fees in order to reactivate the company and return to good standing with the state. It is important to note that companies who do business in multiple states are responsible for filing annual reports in each of those states.
Customized Support Tailored For You
The importance of filing an accurate and timely annual report cannot be understated, which is why DoMyLLC offers live support from real experts to assist you in adhering to individual state filing requirements. Our representatives are available by phone or via online chat to address any questions or concerns you may have. The personal care we provide ensures that your company’s annual report contains all the necessary information required by your state and that your report is submitted by the proper due date. Our 100 percent customer guarantee along with competitive pricing and a price match guarantee provide clients with the peace of mind that comes with knowing they are receiving quality, professional services at an affordable price.
Hassle Free Process
Not only does DoMyLLC guarantee its services, it makes the client’s job easier by utilizing a simple, two-step process. All you have to do is place your order on our website and let the professionals at DoMyLLC do the rest. We will verify the due date for annual reports in your specific state, prepare the annual report based on information you provide and either file it with the state on your behalf or send it to you to file directly. Our custom processing solution for individual states allows us to help meet the various state rules, regulations and filing timelines for increased document accuracy and decreased work for our clients. Because some state requirements are much more involved than others, we strive to make the annual report filing process as simple and stress free as possible for businesses.
When you need to file your annual report, visit DoMyLLCs website where you can obtain pricing information
Start the process today by requesting a quote or placing an order online or by contacting a representative at 888-366-9552.