Filing an annual report with the applicable state agency is an important responsibility for most registered business entities. Yet there tends to be a lot of confusion surrounding state annual reports—and that can cause problems for businesses that fail to comply correctly with their filing requirements. Providing incorrect information on a report can lead to serious legal headaches. To address this issue, FastFilings has put together a brief infographic that explains the types of data that are generally included in an annual report.
Every state has its own requirements for filling out and submitting annual reports. For instance, the filing schedule can vary drastically from one state to another. Many states require annual reports to be filed by the anniversary of the business’s official registration, while other states have a universal deadline that applies to all businesses. Some states don’t really have annual reports at all. Biennial reports (filed every two years) are not uncommon. The state of Pennsylvania is unique in using a decennial report—that is, filed every ten years.
Another variable is the types of businesses that must file an annual report. In general, this is a requirement only for businesses that are officially registered with the state—not sole proprietorships or general partnerships. But some states also exempt LLCs and/or LLPs from this requirement.
In short, it’s always a good idea to check the statues of your particular state prior to filling out an annual report. For every state, however, the purpose of an annual report is essentially the same: ensuring that the contact information of a particular business is up to date and available to the public. Accuracy is vitally important here.
The types of information the business is expected to provide depends on the regulations of each state, but there are certain common elements shared by most annual reports. It’s worth taking the time to learn how to read an annual report and understand the significance of each piece of data. Scroll below to view our infographic, then explore how FastFilings can help as one of the most trusted online annual report filing services.