Annual Report Filings Faqs

An annual report is a filing that may (or may not) be required to be filed in the state or jurisdiction in which you do business in. It is to keep the Secretary of State, Department of Taxation, Franchise Department up to date with your business’ information, especially contact information. In some states, it may be called a franchise tax report or a statement of information. Some states may require it to be done biannually, some annually, and some states may not require one at all.
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Every state is different, so it is important to review each state in which you need to file one in very carefully as not complying with it may cause your business to fall out of good standing.  Don’t depend on the name of the filing to clue you in to what needs to be done.

A state can change what it requires to be filed at any time, which again makes it important to review any potential changes that may have occurred since the time of filing last year’s report.  It’s wise to keep a copy of every year’s filing so to make it easier to file the next year’s but again, there is no guarantee that the State will be requesting the same information.

It depends on the state.  Some states may have the filing date related to the date that the entity was initially registered with that state, or a state may require that all entities file their renewal on a specified date each year.  Again, the filing due date could change at any time, so pay attention to any notification you receive from the state as it may change your filing due date.

Not only could your business not be in good standing with the state, it may also incur fees and penalties.  The penalties vary by state and it could be costly to get your business back in good standing.  Some states may even shut your business down.

At this time, most states allow the annual report to be filed online though there are still a few that require it to be mailed in.  A fee is usually required as well, which can be paid by credit/debit card or with a check if you prefer to mail it in.

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