What Your Corporation Needs to Know About Annual Reports

By

Brendan Tuytel

-

Reviewed by

on

March 27, 2023

This article is Tax Professional approved

Group

If you operate a corporation, you likely need to file annual reports. But don’t let the name scare you, it’s not as complicated as it sounds. Filing annual reports is a fairly straightforward process unless you operate in multiple states.

Read on for all you need to know about filing this form and the consequences if you don’t.

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What are annual reports?

Annual reports are how states collect basic information about businesses that are a certain filing type. LLCs, corporations, and nonprofits are required to file them.

The purpose of annual reports is to provide all government organizations and the general public the details they need to get in touch with companies that operate within the state. No financial information or in-depth breakdowns of your business are required to file an annual report.

These reports are a requirement the year after formation up until the business formally dissolves. So if you incorporated your business in 2023, your first required annual report is due in 2024.

While annual reports are a requirement in all states, they sometimes have different names and frequency of filing. For example, California calls it a “statement of information” and Oklahoma an “annual certificate.” In Pennsylvania, corporations only need to file a “decennial report” every 10 years.

What information do you need to file annual reports?

Before you get concerned about yet another report your business needs to file, the annual report only requires very basic information about your business. Remember, annual reports are for providing general information about your business to the public.

You can expect to provide the following on an annual report:

  • Your business’s name
  • Your business’s address
  • Corporations: names and addresses of officers and directors
  • LLCs: names and addresses of managers or members
  • Name and address of the registered agent
  • Type of business your company is involved in

States that require annual reports

You are required to submit an annual report in every state you do business in where it’s required.

All states except for Ohio require some sort of annual report. But some states may only require an annual report for corporations or LLCs.

Some states have different rules for domestic or foreign entities—foreign simply meaning “out of state.” For example, if you formed your corporation in Delaware but operate in another state, you’re considered a foreign entity there.

State Corporation LLC Nonprofit
Alabama Not required for domestic or foreign entities. Not required for domestic or foreign entities. Not required for foreign or domestic entities - however they must file charitable registration with the Attorney General.
Alaska Both domestic and foreign entities must file every two years by January 2. Both domestic and foreign entities must file every two years by January 2. Both domestic and foreign entities must file every two years by July 2.
Arizona Both domestic and foreign entities must file annually on a specific due date for your corporation. Not required for foreign or domestic entities. Both domestic and foreign entities must file annually on a specific due date for your corporation.
Arkansas Both domestic and foreign entities must file annually by May 1. Both domestic and foreign entities must file annually by May 1. Both domestic and foreign entities must file annually by August 1.
California Both domestic and foreign entities must file annually by the last day of the registration month. Both domestic and foreign entities must file every two years by the last day of the registration month. Domestic entities must file every two years by the last day of the registration month; foreign must file annually by the last day of the registration month.
Colorado Both domestic and foreign entities must file annually by the last day of the registration month. Both domestic and foreign entities must file annually by the last day of the registration month. Both domestic and foreign entities must file annually by the last day of the registration month.
Connecticut Both domestic and foreign entities annually by the last day of the registration month. Both domestic and foreign entities annually by March 31. Both domestic and foreign entities annually by the last day of the registration month.
Delaware Domestic entities must file annually by March 1; June 30 for foreign entities. Both domestic and foreign entities annually by June 1. Domestic entities must file annually by March 1; June 30 for foreign entities.
District of Columbia Both domestic and foreign entities must file every two years by April 1. Both domestic and foreign entities must file every two years by April 1. Both domestic and foreign entities must file every two years by April 1.
Florida Both domestic and foreign entities must file annually by May 1. Both domestic and foreign entities must file annually by May 1. Both domestic and foreign entities must file annually by May 1.
Georgia Both domestic and foreign entities must file annually by April 1. Both domestic and foreign entities must file annually by April 1. Both domestic and foreign entities must file annually by April 1.
Hawaii Both domestic and foreign entities must file annually in the quarter that you registered. Both domestic and foreign entities must file annually in the quarter that you registered. Both domestic and foreign entities must file annually in the quarter that you registered.
Idaho Both domestic and foreign entities must file annually by the last day of the registration month. Both domestic and foreign entities must file annually by the last day of the registration month. Both domestic and foreign entities must file annually by the last day of the registration month.
Illinois Both domestic and foreign entities must file by the last day of the month before your registration month. Both domestic and foreign entities must file by the last day of the month before your registration month. Both domestic and foreign entities must file by the last day of the month before your registration month.
Indiana Both domestic and foreign entities must file every two years by the end of your registration month. Both domestic and foreign entities must file every two years by the end of your registration month. Both domestic and foreign entities must file every two years by the end of your registration month.
Iowa Both domestic and foreign entities must file by April 1 on even-numbered years only. Both domestic and foreign entities must file by April 1 on even-numbered years only. Both domestic and foreign entities must file by April 1 on even-numbered years only.
Kansas Both domestic and foreign entities must file annually by the 15th day of the fourth month following the end of your fiscal year. Both domestic and foreign entities must file annually by the 15th day of the fourth month following the end of your fiscal year. Both domestic and foreign entities must file annually by the 15th day of the sixth month following the end of your fiscal year.
Kentucky Both domestic and foreign entities must file annually by June 30. Both domestic and foreign entities must file annually by June 30. Both domestic and foreign entities must file annually by June 30.
Louisiana Both domestic and foreign entities must file annually by the registration date. Both domestic and foreign entities must file annually by the registration date. Both domestic and foreign entities must file annually by the registration date.
State Corporation LLC Nonprofit
Maine Both domestic and foreign entities must file annually by June 1. Both domestic and foreign entities must file annually by June 1. Both domestic and foreign entities must file annually by June 1.
Maryland Both domestic and foreign entities must file annually by April 15. Both domestic and foreign entities must file annually by April 15. Both domestic and foreign entities must file annually by April 15.
Massachusetts Both domestic and foreign entities must file annually by the 15th day of the third month following the end of your fiscal year. Both domestic and foreign entities must file annually by the registration date. Domestic entities must file annually by November 1; within two and a half months from the end of your fiscal year for foreign entities.
Michigan Both domestic and foreign entities must file annually by May 15. Both domestic and foreign entities must file annually by February 15. Both domestic and foreign entities must file annually by October 1.
Minnesota Both domestic and foreign entities must file annually by December 31. Both domestic and foreign entities must file annually by December 31. Domestic entities must file annually by December 31; not required for foreign entities.
Mississippi Both domestic and foreign entities must file annually by April 15. Both domestic and foreign entities must file annually by April 15. Both domestic and foreign entities must file within 90 days following a request from the secretary.
Missouri Both domestic and foreign entities must file annually by the end of the third month after your registration month. Not required for domestic or foreign entities. Both domestic and foreign entities must file annually by August 31.
Montana Both domestic and foreign entities must file annually by April 15. Both domestic and foreign entities must file annually by April 15. Both domestic and foreign entities must file annually by April 15.
Nebraska Both domestic and foreign entities must file every two years by March 1 on even-numbered years. Both domestic and foreign entities must file every two years by April 1 on odd-numbered years. Both domestic and foreign entities must file every two years by April 1 on odd-numbered years.
Nevada Both domestic and foreign entities must file annually by the end of your registration month. Both domestic and foreign entities must file annually by the end of your registration month. Both domestic and foreign entities must file annually by the end of your registration month.
New Hampshire Both domestic and foreign entities must file annually by April 1. Both domestic and foreign entities must file annually by April 1. Both domestic and foreign entities must file every five years in years ending in 0 or 5 and can be filed at any point in the year.
New Jersey Both domestic and foreign entities must file by the last day of the month before your registration month. Both domestic and foreign entities must file by the last day of the month before your registration month. Both domestic and foreign entities must file by the last day of the month before your registration month.
New Mexico Both domestic and foreign entities must file every two years by the 15th day of the fourth month after the closing of your fiscal year. Not required for domestic and foreign entities. Both domestic and foreign entities must file annually by the 15th day of the fourth month after the closing of your fiscal year.
New York Both domestic and foreign entities must file every two years by the end of your registration month. Both domestic and foreign entities must file every two years by the end of your registration month. Not required for domestic and foreign entities.
North Carolina Both domestic and foreign entities must file annually by the 15th day of the fourth month following the end of your fiscal year. Both domestic and foreign entities must file annually by April 15. Not required for domestic and foreign entities.
North Dakota Domestic entities must file annually by August 1; May 15 for foreign entities. Both domestic and foreign entities must file annually by November 15. Both domestic and foreign entities must file annually by February 1.
Ohio Not required for domestic or foreign entities. Not required for domestic or foreign entities. Both domestic and foreign entities must file every five years by the end of your registration month (if no other filing has been submitted).
Oklahoma Not required for domestic entities; foreign entities must file annually by the registration date. Both domestic and foreign entities must file annually by the registration date. Not required for domestic or foreign entities.
Oregon Both domestic and foreign entities must file annually by your registration day. Both domestic and foreign entities must file annually by your registration day. Both domestic and foreign entities must file annually by your registration day.
Pennsylvania - rules are changing in 2024 Both domestic and foreign entities must file every ten years at any point in the year. Both domestic and foreign entities must file every ten years at any point in the year (professional LLCs are required annually by April 15). Both domestic and foreign entities must file every ten years at any point in the year.
Puerto Rico Both domestic and foreign entities must file annually by April 15. Both domestic and foreign entities must file annually by April 15. Both domestic and foreign entities must file annually by April 15.
State Corporation LLC Nonprofit
Rhode Island Both domestic and foreign entities must file annually by May 1. Both domestic and foreign entities must file annually by May 1. Both domestic and foreign entities must file annually by May 1.
South Carolina Not required for domestic or foreign entities. Not required for domestic or foreign entities. Not required for domestic or foreign entities.
South Dakota Both domestic and foreign entities must file annually by the first day of your registration month. Both domestic and foreign entities must file annually by the first day of your registration month. Both domestic and foreign entities must file annually by the first day of your registration month.
Tennessee Both domestic and foreign entities must file annually by the first day of the fourth month following the end of your fiscal year. Both domestic and foreign entities must file annually by the first day of the fourth month following the end of your fiscal year. Both domestic and foreign entities must file annually by the first day of the fourth month following the end of your fiscal year.
Texas Both domestic and foreign entities must file annually by May 15. Both domestic and foreign entities must file annually by May 15. The secretary of state can request a periodic report every four years from both domestic and foreign entities.
Utah Both domestic and foreign entities must file annually by the end of your registration month. Both domestic and foreign entities must file annually by the end of your registration month. Both domestic and foreign entities must file annually by the end of your registration month.
Vermont Both domestic and foreign entities must file annually within two and a half months following the end of your fiscal year. Both domestic and foreign entities must file annually within three months following the end of your fiscal year. Both domestic and foreign entities must file annually by April 1.
Virginia Both domestic and foreign entities must file annually by the end of your registration month. Both domestic and foreign entities must file annually by the end of your registration month. Both domestic and foreign entities must file annually by the end of your registration month.
Washington Both domestic and foreign entities must file annually by the end of your registration month. Both domestic and foreign entities must file annually by the end of your registration month. Both domestic and foreign entities must file annually by the end of your registration month.
West Virginia Both domestic and foreign entities must file annually by June 30. Both domestic and foreign entities must file annually by June 30. Both domestic and foreign entities must file annually by June 30.
Wisconsin Domestic entities must file annually by the end of the quarter in which you registered; March 31 for foreign entities. Domestic entities must file annually by the end of the quarter in which you registered; March 31 for foreign entities. Domestic entities must file annually by the end of the quarter in which you registered; March 31 for foreign entities.
Wyoming Both domestic and foreign entities must file annually by the first day of the month in which you registered. Both domestic and foreign entities must file annually by the first day of the month in which you registered. Both domestic and foreign entities must file annually by the first day of the month in which you registered.

What if you don’t file an annual report?

Failing to file an annual report can lead to some stiff penalties including dissolving your corporation.

Penalties vary by state depending on the report requirement. For a late filing, the penalty starts with a monetary fine.

Continued late filing or non-compliance has greater consequences: your business is liable to fall out of good standing with the state. If the state does not issue a certificate of good standing, you may be restricted on the type of financing you can receive from lenders and eventually have your corporation dissolved.

Having your business dissolved isn’t irreversible. By paying an administrative fee, filing any overdue reports, and completing additional paperwork, it’s possible to get your corporation reinstated.

Common annual report filing mistakes

The most common annual report filing mistakes are easy to make. They are:

  • Filing an incomplete form
  • Making a typo or providing incorrect information
  • Failing to have the right person sign off on the form
  • Forgetting states where the business is a foreign entity
  • Missing an update to a due date or filing process

The solution? Give yourself ample time to complete and review the form. Put deadlines for all relevant states in your calendar and a reminder either multiple days or weeks in advance to fill out and review the form. It’s a small step that saves you both money and an administrative hassle down the line.

The bottom line

Annual reports are a filing requirement to operate in a state. They’re simple forms but can still cause a headache if you forget or miss a deadline.

The best way to prepare is to have deadlines marked in your calendar and give yourself ample time to make sure you do the process right. Doing so can save you from unnecessary penalties and potential dissolution of your corporation.

As a business owner, it can be stressful to find the time for filling out and filing forms. But if you save time on other admin work, that headache becomes a thing of the past. With Bench, you can save hours every week by having our team of pros do your bookkeeping. We help businesses stay tax compliant and in the know on their financial health. Sign up for a free demo today.

This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Bench assumes no liability for actions taken in reliance upon the information contained herein.
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