What is an annual report?
An annual report is a business's yearly report required by the states for which entities are registered to do business.
Annual reports are typically filed electronically, in many cases by a registered agent who can complete the required documents and process fees on your company's behalf. Filing an annual report in a timely manner ensures your good standing with state government.
What is included in an annual report?
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, name and contact information for the registered agent, and other required information, which varies by state.
Some common annual report filing errors include:
- Missing information
- Administrative errors
If the annual report is not filed on time or accurately, it can result in a loss of good standing and affect your company's ability to do business.
When are annual reports due?
Deadlines and filing requirements vary by state and reports are typically due annually, unless otherwise indicated. Annual report specialists have access to state deadlines and required information for certain business entities. Contact your state's Department of Revenue, secretary of state, or your corporate services provider to obtain your entity's annual report due date.
Who can file annual reports?
An annual report specialist within your company can prepare and file your annual reports in applicable states by following these steps:
- Check state requirements. Depending on your type of business, you might not have to file an annual report.
- Look up your state's due date and fees.
- Collect all information needed for filing.
- A comprehensive business summary
- Financial outlook
- Financial statements, including balance sheets, income statements, and cash flow
- Management team information
- Legal proceedings information (if applicable)
- Complete annual report form
- File annual report with accurate fees
- Repeat process for each applicable state
With such a time-intensive and detailed process, many companies outsource responsibility to a qualified corporate solutions provider like CSC to save time, reduce filing errors, and avoid missed deadlines.
What is the cost of annual report preparation and filing?
Annual report filing fees differ depending on the state, number and type of entities, as well as services used to prepare and file. Failure to file by a state's due date may also have an impact on the cost, as many states typically charge a late fee for reports that miss the deadline.
Outsourcing your annual report preparation and filing could eliminate missing deadlines and being assessed late fees.
We're ready to talk
If you'd like to talk through your annual report needs, complete the form on the right for a free consultation with a CSC compliance expert.
- CSC Annual Report Services
- White Paper: The Secret to Success with Annual Reports
- Recorded Webinar: Maintaining Good Standing: The Best Way to File Annual Reports