*The standard processing time for the Annual Report varies depending on the state in which your company is registered. Please note that expedited processing is available in most states for an additional fee, and additional charges may apply for each extra page of the document. For further information, please contact our team.
WHAT IS AN ANNUAL REPORT?
An annual report is a document that contains comprehensive information about the company and typically includes its financial performance and activities over the prior fiscal year. Depending on a type of business entity, annual reports may require to be filed annually with the Secretary of State where the company operates. Some annual reports are prepared just to keep employees, shareholders, and the community informed about the company’s financial standing.
An annual report typically contains the information about the names and addresses of the managing members and directors of a corporation or LLC, the address of its registered agent, the company’s financial breakdown (including a balance sheet summary, a cash flow statement, capital investment data, an auditor's report, projected revenues and expenses, etc.), statement of the company's core values, mission statement, and future objectives, a report from the CEO with an update on current and potential investors on the company's economic status, key events, activities and achievements, and so forth.
An annual report is usually prepared by a business manager, director, or owner, and must follow certain rules. BizStarter can help you prepare your company’s annual report and file it with the state government if needed.
Annual reports for LLCs and Corporations
If you registered your business as an LLC, S Corporation, C Corporation, or LLP you are required to file an annual report with the Secretary of State office in the state where your company operates. If you are registered as a sole proprietor or partnership, you are not required to formally file an annual report.
In some states, the company’s annual report is filed every second year, so it is more of a biannual report. Also, in some states, LLCs are required to submit a “Statement of information”, which asks for the same information as an annual report but under a different name, as of now, only Pennsylvania has a formal Decennial Report filing requirement.
What information do I need to include in an annual LLC or Corporate Report?
The purpose of an annual report is to provide information about your business to the state, including any changes to the details or ownership of your business.
Typical annual reports include the following information:
– The address of the principal business (headquarters) of the company
– The names and addresses of the management team (directors and officers in a corporation, members and managers in an LLC)
– Identification numbers for your business, such as EIN
– The purpose and mission statement of your business
– Information about authorized registered agents
– Information on shares of stock issued by the business.
An annual business report can be divided into several areas:
An executive summary: A short (typically page long) overview of company’s key financial and other important statistics about the business.
Letter from the chairman/board of directors: A brief message on business performance, forecast, etc.
Opportunities: A description of major opportunities for growth and expansion.
Risks: A brief overview of any potential threats to the business with suggestions on how they can be addressed.
How do I file an annual report?
Corporations and LLCs are typically required to file annual reports with their state government. Please note that submitting an annual report also involves a filing fee, which may vary depending on your state’s specific regulations.
Is there a deadline for filing an annual report?
Depending on the state where your business is registered you may be required to file your report on the anniversary date of your business formation, or by a certain predetermined date for all companies regardless of the date they were established. You will need to check with your state to see when you are required to file an annual report for your business. Some states will also require you to file other business documentation if you have important changes in your business.
BIZSTARTER CAN HELP YOU WITH YOUR ANNUAL REPORT
If you are a new business owner or simply do not have the time to prepare annual reports, BizStarter can take care of this task for you. We will help you compile your annual report, file it with the state government, and keep track of all the reporting deadlines.