Prepare and File an Annual LLC or Corporate Report
What is an annual report?
An Annual report is a filing that details a company’s activities throughout the prior year. Annual reports are intended to give state governing authorities information regarding the names and addresses of directors or managing members of a corporation or LLC as well as the company and registered agent address. In some state the annual report is filed at a pre determined date for all entities regardless of the date of formation while other states require that the annual report is filed on the anniversary date of formation.
If you’re a business manager, director, or owner, you have a requirement to follow certain rules and regulations. One of those is filing an annual report for your business. We’ll explore what an annual report is, how to file it, what it should contain, and other useful information.
One important point — When we discuss annual reports, we’re talking about formal requirements to produce a report and file it with your Secretary of State. However, you may also produce additional annual reports for your investors, shareholders, and other stakeholders. We cover those later in this piece.
Formal LLC & Corporate Annual Reports — Required by Your Secretary of State
If you’ve incorporated as a business — As an LLC, LLP, S-Corp or C-Corp, you must file an annual report, normally with your state’s Secretary of State. This applies no matter how big or small your business is. Typically, sole proprietors and partnerships do not have to file an annual report.
What is Contained in an Annual LLC or Corporate Report?
Annual reports vary in complexity and typically include the following:
- The principal business (head office) address of the company.
- The names and addresses of the managers of the business (directors and officers in a corporation, members and managers in an LLC).
- Important identification numbers for your business.
- The purpose of your business.
- Authorized signatories and registered agents.
- The number of shares of stock issued by the business.
The purpose of an annual report is to keep your state informed on any changes to the details or ownership of your business — For example if the business has changed locations or has new directors or managers.