New Jersey corporations, LLCs, nonprofits, and certain other business entities are required to file an annual report every year. Also called a statement of information, an annual report keeps the state up to date with essential information about your business.
It’s critical to file your annual report correctly and on time to keep your organization in good standing with the state of New Jersey.
Keep reading to learn more about who needs to file and when, and how to complete a NJ annual report filing the easy way.
What is an annual report?
An annual report details key information about an organization, including the name and address of the business and key players within it (for example, the chief executive officer).
In some states, annual reports also include detailed information about a company’s financial standing and performance over the prior year.
Why are annual reports required?
After the stock market crash of 1929 and the Great Depression that followed, lawmakers passed legislation requiring corporate financial reporting. Filing an annual report became a regulatory requirement.
Annual reports keep the Secretary of State updated on the status of your business. Shareholders and other stakeholders may also use the financial information contained in an annual report to make important investment decisions.
Which types of businesses must file an annual report?
To conduct business in New Jersey, the following types of entities (both foreign and domestic) must file an annual report online with the New Jersey Department of the Treasury:
- Limited liability companies (LLCs)
- Nonprofits, cooperatives, and religious corporations
- Limited Partnerships (LPs)
- Limited Liability Partnerships (LLPs)
What information do annual reports contain?
The information required in an annual report varies by state. Some states require only basic information (names and addresses of those associated with the business). Others require additional financial information about revenue, assets, stock, and paid-in capital.
In New Jersey, annual reports are straightforward. Organizations must provide the following information:
- The name and address of the business
- The names and addresses of officers and directors (corporations)
- The names and addresses of managers or members (LLCs)
- The name and address of the organization’s registered agent
- The type of business the company is involved in (for example, wholesale distribution)
When do I file?
Annual reports are due on the last day of the month you registered your business. For example, if you first registered your business in July 2022, your first annual report will be due by July 31, 2023.
If you don’t remember when you registered your business, you can find this information by searching the New Jersey Business Database.
How much does it cost to file?
The filing fee is nominal and varies based on the type of organization, as follows:
- Corporations (foreign and domestic) – $75
- LLCs (foreign and domestic) – $75
- Nonprofits, cooperatives, and religious corporations – $30
- LPs (foreign and domestic) – $75
- LLPs (foreign and domestic) – $75
There may be additional processing fees. There is no penalty for late filing.
Who can file a New Jersey annual report?
Any authorized person can file and sign an annual report. An authorized person is anyone the business designates to act on its behalf.
It could be someone within your business (such as the CEO or a manager), or it could be someone outside your business who you hire to file your report.
What happens if I don’t file?
Failure to file an annual report can expose your business to serious penalties. If you are delinquent for two consecutive years, your business could even be dissolved or revoked.
The state will usually send a reminder in the mail before an annual report is due, but you shouldn’t rely on this. It’s a business owner’s responsibility to know when filings are due. Mark your calendar, or make sure the person you designate to file stays on schedule.
If too much time passes and your business is suspended or forfeited, it could have serious consequences for the continued financial health of your organization. Don’t delay or avoid filing. Get help if you need it.
Let FastFilings Help with Your New Jersey Annual Report
Don’t take chances. If you’re not sure how to fill out your annual report or you’re just short on time, FastFilings can help.
Our online ordering platform makes it easy to file an annual report in New Jersey, so you can keep your business in good standing with the state. File online in less than five mi