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. 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.
When are annual reports due?
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. In some states, it’s one day annually determined by the jurisdiction. Annual report specialists have access to state deadlines and required information for certain business entities.
Who can file annual reports?
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:
Check state requirements. Depending on the 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 information, including gross assets, issued shares, or paid-in-capital
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.
What is the cost of annual report preparation and filing?
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.
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