What is an Annual Report?
Annual report requirements
States require companies registered to do business in their state to file a report every year (or in some states, every two years). However, filing and reporting requirements can vary vastly from state to state. Businesses typically file annual reports electronically, in many cases using a registered agent who can complete the required documents on the company's behalf.
Overview of annual reports
An annual report typically includes a business's name and address, the state in which the company was formed, a list of officers and directors, all business activities conducted within the state during the fiscal year, and name and contact information for the registered agent. Other required information varies by state. If you don't file your annual report on time or accurately, you could endanger your company's good standing and ability to do business.
These requirements vary by state and can also vary within the jurisdiction by entity type. Variables include fiscal year end, anniversary month, and anniversary date. Some states have a specific annual deadline date that is determined by the jurisdiction. Annual report specialists have access to state deadlines and required information for certain business entities.
An annual report specialist within your company or an outsourced annual reports expert can prepare and file your annual reports in applicable states. Handling annual reports yourself would entail the following:
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Check state requirements. Depending on the type of business, you might not have to file an annual report.
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Look up your state's due date and fees.
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Collect all information needed for filing:
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A comprehensive business summary
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Financial information, including gross assets, issued shares, or paid-in-capital
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Financial statements, including balance sheets, income statements, and cash flow
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Management team information
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Legal proceedings information (if applicable)
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Complete annual report form.
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File annual report with accurate payment of fees.
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Repeat process for each applicable state.
Annual report filing fees differ by state; variables include stock information, paid-in-capital, expedited handling, and method of submission. Failure to file by a state's due date may also affect the cost, as many states typically charge a late fee. Depending on the state, missing an annual report can mean loss of good standing, revocation, or inability to initiate a lawsuit or open a bank account.
How CSC can help
Save time and never miss a filing deadline by letting CSC take annual reports, franchise tax reports, and eFiling services off your plate. CSC proactively handles these filing requirements quickly and accurately, protecting your organization from fees and penalties and allowing you to focus your attention on running your business.
