For many states the annual report due date is coming up, and your business might need to file one with the state or risk financial penalties or even eventual dissolution.
If you operate a for-profit or nonprofit corporation, limited liability company, limited partnership, limited liability partnership, or another business entity which has been registered with the state, then you are required to file an annual report.
If you are registered in South Carolina (where there is no report whatsoever), New Mexico (where there is no report for LLCs), or Ohio (reports are only necessary for professional corporations), no need to fret. Just sit back and enjoy the springtime. However, if your business is registered in any of the following states, your report due date is coming up very soon: Arkansas, District of Columbia, Florida, Georgia, Kansas, Maryland, Massachusetts, Michigan, Mississippi, New Hampshire, New York, Tennessee, or Wisconsin.
Why does the state require annual reports?
First of all, not all reports are due on an annual basis. Some states require reports that are due periodically, every ten years, every five years, or biennially. The report keeps your information current with your state, and renews your business as well. If you operate a nonprofit organization, then you must generally also renew your charity registration on a yearly basis.
What happens if I don’t file my annual report?
If you fail to file your annual report with the state then your business could be penalized with fees which can reach hundreds of dollars. For example, if you are late in filing your report in the state of Florida, your business will have to face a $400 fee.
How do I know what, when, and where to file an annual report?
Every state is different when it comes to what report they want filed, when, and with whom. Some states have you file with the secretary of state, some with the department of revenue, and some with a completely different office all together. Some states send a reminder to your registered agent that let you know that the due date is growing near, but many states don’t. You will need to check with your specific state to ensure that you file the correct annual report form with the right office, and on time!
What if I’m registered in multiple states? Do I just file an annual report with my home state?
Make sure to file a report with every state you’re registered in as a foreign business! You will need to file this report not only to stay current, but also to continue conducting business in these states.