An annual report is a filing that businesses are typically required to submit to a state agency in order to ensure that vital information associated with the business is properly updated for public access. It is not a financial statement. Listed information generally includes the names of the company officials and the address of the business headquarters, as well as a few pieces of related data.
North Carolina is among those states that require businesses to send in one of these reports every year. Although North Carolina used to allow businesses to send their annual report along with their tax return, it has been state law since the 2017 tax year to file these reports separately with the Secretary of State.
Who Needs to File an Annual Report in North Carolina?
The requirement to file an annual report in NC applies to business corporations, limited liability companies (LLCs), limited liability partnerships (LLPs), and limited liability limited partnerships (LLLPs).
NC Annual Report Due Dates
The due date depends on your business structure:
- Business corporations, partnerships, and banks: On the 15th day of the fourth month after the end of your fiscal year.
- Limited liability companies: April 15th of each year.
What Happens If You Don’t File an Annual Report?
First, you will receive a mailed Notice of Grounds for Administrative Dissolution (or Revocation). Then you have 60 days to file the missing report(s) to prevent your company from being dissolved, in which case you will no longer be able to conduct normal business activities legally.
If you miss the deadline, you can request reinstatement provided that you (1) submit all past-due annual reports, (2) fill out and submit a reinstatement form, and (3) pay all filing fees that are due.
The following infographic will walk you through the process of filing a North Carolina annual report. If all this sounds like too much bother, you can always come to FastFilings for help with your annual report filings. Just give us some basic information, and we can do most of the work for you.