Q: What Is an Annual Report?

An Annual Report is a brief statement prepared by a company and submitted with their state of registration to provide various information about the business, individuals who can make decisions on behalf of the company, and update contact details . This document is usually one or two pages long - it includes basic information about the company requested by the state governing authority. Its main purpose is to inform the state of any changes to the contact information or business ownership for instance, you have a new director or you have moved to another city.

Question 1

What Is an Annual Report?

Accepted Answer

An Annual Report is a brief statement prepared by a company and submitted with their state of registration to provide various information about the business, individuals who can make decisions on behalf of the company, and update contact details. This document is usually one or two pages long - it includes basic information about the company requested by the state governing authority. Its main purpose is to inform the state of any changes to the contact information or business ownership for instance, you have a new director or you have moved to another city.

Question 2

What Should Be Included in an Annual Report?

Accepted Answer

Here is how you need to file an Annual Report:

Determine whether it is actually necessary. There are states that do not ask for annual reports from certain types of businesses or simply do not have mandatory reports. Contact the state agency that registered your entity and ask them if you need to submit any statements.
Verify the Annual Reports due date. You might have to prepare this document every year, every two years, or every ten years. The deadline may be the anniversary of the business registration or a set date for each company regardless of the date of registration. Sometimes, it is needed to file the first Annual Report within weeks or months after you register the company.
Fill out the Annual Report. If you are not obliged to do it online, you will need to compose a written document and then mail it to the appropriate state agency. There are certain limitations for electronic Annual Reports for instance, in Illinois, you cannot submit information electronically if your company has more than six directors or officers. Generally, this statement contains the name, mailing and physical addresses of the business, identification of company directors and representatives, short description of the type of business and industry in which the entity is involved, contact information of the company, and signature of the registered agent. You are not required to disclose your financial position or reveal any confidential information.
If you want to, you may attach a letter from the board of director or registered agent to describe your business performance of the last year or several years, outline the main goals of the company, and address the risks or issues the entity currently faces, especially if the state has already expressed an interest in your company prior to the report.
Submit the Annual Report with the state agency responsible for the business registration. You may have to pay the filing fee and business taxes, including franchise taxes when filing the report. If your company has registration in several states, you need to file the report in each state.

Question 3

What Happens if I Don't File My Annual Report?

Accepted Answer

If a corporate Annual Report is obligatory in your state, file it on time. Failing to do so may lead to late fees for the company. If you do not submit this statement at all, the state may stop recognizing your business as a legal entity and the company may even be dissolved. Additionally, you will face penalties and fines. To avoid it and remain a business with a good reputation, file the report properly and at the appropriate time.

Annual Report Templates by State

Documents:

Limited Partnership Annual Report - Arkansas, 2023

ENG Form 4660 Annual Report on Relocation and Real Property Acquisition Activities - Federally Assisted Project