Virtually all states require some form of ongoing business entity filing. The timing of the report and the name of the report varies from state to state. While most states refer to this filing as an Annual Report, some states require a Biennial Report or a Decennial Report.

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And to add complexity to the matter, the report itself could be referred to as one of the following:

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• Annual Report

• Business Privilege Tax Return

• Statement of Information

• Annual Franchise Tax Report

• Annual Registration

• Business Entity Report

• Periodic Report,

• Biennial Occupation Tax Report

• Public Information Report (PIR)

• Ownership Information Report (OIR)

• Annual List of Officers and Directors

• Annual List of Managers or Members

While that can feel pretty intimidating, you don’t have to let that diversity hamper your efforts to keep your business in compliance. The team at BRP Onesta will help you.

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What is an Annual Report?

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A Corporation or Limited Liability Company (LLC) is required to file an Annual Report, also known as a Statement of Information with the secretary of state’s office annually. This information is required by the state so that they can keep up to date with the company’s vital information.  Most states will require you to submit information about the company’s business activity including information about directors and officers of the corporation and the registered agent and registered office of the corporation. In most states, there is a small filing fee associated with this filing.

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If your state requires you to file this report, there is a specific due date upon which the form must be filed by each year to keep your company in order to maintain corporate compliance with the state. Scheduled filings vary by state; failure to submit this filing with the requested information in a timely manner by the requested deadline may result in the assessment of penalties and late fees by your state. In addition, your newly formed company may also be subject to suspension and/or dissolution.

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