Annual Report

  |

An annual report is a company’s way of communicating with its shareholders, employees, and potential shareholders about its financial situation.

It often contains vital financial information about a business, be it a public company, a small or large corporation, an LLC, a non-profit organization, a partnership, or any other type of business that is owned by the public.

In most states, businesses are required to file an annual report.

However, aside from businesses submitting it for compliance with state requirements, they can also use it as a marketing tool to attract potential investors, communicate with its shareholders, or even show the achievements of their employees.

Depending on how it is prepared, an annual report is a great tool to facilitate the growth of a business.

Why prepare an Annual Report?

Annual Report

 

If the state where the business is registered requires the filing of annual reports, then a business must file an annual report to the secretary of the state for compliance.

Failure to do so might result in a business losing its privileges, such as a corporation losing its corporate status and the tax treatment it receives.

Other than compliance, a business can use an annual report as a marketing tool.

It can help attract potential investors, communicate with existing shareholders that things are doing great, or encourage employees by including their achievements in the report.

Business analysts and creditors can also use an annual report to assess a business’s financial status.

For corporations, depending on their size (500 or more shareholders), annual profits ($10 million or more), and if they’re publicly traded, other than the required filing of an annual report to the secretary of the state, they might be required to file a separate report to the US Securities and Exchange Commission (US SEC).

What should be included in an Annual Report?

The content requirements of an annual report vary from state to state.

It is prescribed by the secretary of the state.

It is recommended that you consult your secretary of the state for filing requirements.

The annual report forms can usually be found and downloaded online.

While the required information on the forms varies from state to state, the following are generally required by each form:

  • Name of the company, business type, its registered agent
  • Information on corporate officers and directs, corporation’s address
  • A letter/report from the CEO or the company president
  • Financial statements
  • Statement of core values, mission statement, and future objectives

Annual reports usually have accompanying fees to them.

It is recommended that you consult your secretary of the state for the computation of these fees.

Who files the Annual Report?

The size of the business usually determines who files an annual report.

It could be a specialized staff of the business or an outside firm, though some states require that filing must be made through a registered agent.

Larger businesses usually have employees who are designated to work on filing annual reports.

annual report

When is an Annual Report due? How often should an Annual Report be filed?

The due date for filing an annual report will depend on the state where the business is located.

Some states have fixed due dates (e.g. December 31, April 15, July 1), while some states have due dates that vary from business to business.

As to how often an annual report should be filed, again, it depends on the state where the business is located.

Some states require annual filing, while some states require businesses to file once every two years, five years, etc.

Some states don’t even require the filing of an annual report at all (though they may still require payment of annual fees).

You can refer to the table below for a quick view of each state’s due date and frequency of submission:

For C Corporations

State Name of Report Due Date Frequency of Submission
Alabama Business Privilege Tax Return Same as federal return Once a year
Alaska Biennial Report January 2 Once every 2 years
Arizona Annual Report Anniversary date Once a year
 Arkansas Annual Franchise Tax Report May 1 Once a year
 California Annual Franchise Tax Report The 15th day of the 4th month from the formation date Once a year
Statement of Information Last day of the anniversary month Once a year
 Colorado Periodic Report Three-month window starting on the first day of the formation month Once a year
 Connecticut Annual Report Anniversary date Once a year
 Delaware Alternative Entity Tax March 1 Once a year
Annual Franchise Tax Report March 1 Once a year
 Florida Annual Report May 1 Once a year
 Georgia Annual Registration April 1 Once a year
 Hawaii Annual Report The quarter that contains the anniversary month Once a year
 Idaho Annual Report Last day of the anniversary month Once a year
 Illinois Annual Report Anniversary date Once a year
 Indiana Business Entity Report Last day of the anniversary month Once every 2 years
 Iowa Biennial Report April 1 Once every 2 years (on even years)
 Kansas Annual Report The 15th day of the 4th month after the close of the fiscal year Once a year
 Kentucky Annual Report June 30 Once a year
 Louisiana Annual Report Anniversary date Once a year
 Maine Annual Report June 1 Once a year
 Maryland Annual Report April 15 Once a year
 Massachusetts Annual Report Within 2.5 months of the close of the fiscal year Once a year
Michigan Annual Report May 15 Once a year
 Minnesota Annual Renewal December 31 Once a year
 Mississippi Annual Report April 15 Once a year
 Missouri Annual Report Last day of the anniversary month Once a year
 Montana Annual Report April 15 Once a year
 Nebraska Biennial Reports March 1 (delinquent by April 15) Once every 2 years (on even years)
 Nevada Annual List of Officers and Directors Last day of the anniversary month Once a year
 New Hampshire Annual Report April 1 Once a year
 New Jersey Annual Report Last day of the anniversary month Once a year
 New Mexico Biennial Report The 15th day of the 4th month after the close of the fiscal year Once every 2 years
 New York Biennial Report Last day of the anniversary month Once every 2 years
 North Carolina Annual Report The 15th day of the 4th month after the close of the fiscal year Once a year
 North Dakota Annual Report August 1 Once a year
 Ohio n/a n/a n/a
 Oklahoma n/a n/a n/a
 Oregon Annual Report Anniversary date Once a year
 Pennsylvania Decennial Report December 31 Once every 10 years
 Rhode Island Annual Report March 1 Once a year
 South Carolina n/a n/a n/a
 South Dakota Annual Report First day of anniversary month Once a year
 Tennessee Annual Report The 15th day of the 4th month after the close of the fiscal year Once a year
 Texas Texas Franchise Tax Report May 15 Once a year
Public Information Report (PIR) Once a year
 Utah Annual Renewal Anniversary date Once a year
 Vermont Annual Report Within two and a half months following the fiscal end Once a year
 Virginia Annual Registration Last day of the anniversary month Once a year
 Washington Annual Report Last day of the anniversary month Once a year
 West Virginia Annual Report July 1 Once a year
 Wisconsin Annual Report Last day of the quarter that contains the formation month Once a year
 Wyoming Annual Report First day of anniversary month Once a year
Washington DC Biennial Report April 1 Once every 2 years

For LLCs

State Name of Report Due Date Frequency of Submission
Alabama Business Privilege Tax Return Same as the federal return Once a year
Alaska Biennial Report January 2 Once every 2 years
Arizona n/a n/a n/a
 Arkansas Annual Franchise Tax Report May 1 Once a year
 California Annual Franchise Tax Report The 15th day of the 4th month from the formation date Once a year
 California Statement of Information Last day of the anniversary month Once every 2 years
 Colorado Periodic Report Three-month window starting on the first day of the formation month Once a year
 Connecticut Annual Report Anniversary date Once a year
 Delaware Alternative Entity Tax June 1 Once a year (optional)
 Florida Annual Report May 1 Once a year
 Georgia Annual Registration April 1 Once a year
 Hawaii Annual Report The quarter that contains the anniversary month Once a year
 Idaho Annual Report Last day of the anniversary month Once a year
 Illinois Annual Report Anniversary date Once a year
 Indiana Business Entity Report Last day of the anniversary month Once every 2 years
 Iowa Biennial Report April 1 Once every 2 years
 Kansas Annual Report The 15th day of the 4th month after the close of the fiscal year Once a year
 Kentucky Annual Report June 30 Once a year
 Louisiana Annual Report Anniversary date Once a year
 Maine Annual Report June 1 Once a year
 Maryland Annual Report April 15 Once a year
 Massachusetts Annual Report Anniversary date Once a year
 Michigan Annual Report February 15 Once a year
 Minnesota Annual Renewal December 31 Once a year
 Mississippi Annual Report April 15 Once a year
 Missouri n/a n/a n/a
 Montana Annual Report April 15 Yearly
 Nebraska Biennial Reports April 1 Once every 2 years
 Nevada Annual List of Managers or Members Last day of the anniversary month Once a year
 New Hampshire Annual Report April 1 Once a year
 New Jersey Annual Report Last day of the anniversary month Once a year
 New Mexico n/a n/a n/a
 New York Biennial Report Last day of the anniversary month Once every 2 years
 North Carolina Annual Report April 15 Once a year
 North Dakota Annual Report November 15 Once a year
 Ohio n/a n/a n/a
 Oklahoma Annual Certificate Anniversary date Once a year
 Oregon Annual Report Anniversary date Once a year
 Pennsylvania Decennial Report December 31 Once every 10 years
 Rhode Island Annual Report November 1 Once a year
 South Carolina n/a n/a n/a
 South Dakota Annual Report First day of anniversary month Once a year
 Tennessee Annual Report The 15th day of the 4th month after the close of the fiscal year Once a year
 Texas Texas Franchise Tax Report May 15 Once a year
Public Information Report (PIR) Once a year
 Utah Annual Renewal Anniversary date Once a year
 Vermont Annual Report Within three months following the fiscal end Once a year
 Virginia Annual Registration Last day of the anniversary month Once a year
 Washington Annual Report Last day of the anniversary month Once a year
 West Virginia Annual Report July 1 Once a year
 Wisconsin Annual Report Last day of the quarter that contains the formation month Once a year
 Wyoming Annual Report First day of anniversary month Once a year
Washington DC Biennial Report April 1 Once every 2 years

For Non-profit Organizations

State Name of Report Due Date Frequency of Submission
Alabama n/a n/a n/a
Alaska Biennial Report July 2 Once every 2 years
Arizona Annual Report Anniversary date Once a year
 Arkansas Annual Report for Nonprofit Corporations August 1 Once a year
 California Annual Registration Renewal Fee Report The 15th day of the 4th month from the formation date Once a year
California Exempt Organization Annual Information Return (for non-profits with gross receipts of more than $50,000 or is a private foundation) The 15th day of the 4th month from the formation date Once a year
California e-Postcard (for non-profits with gross receipts of $50,000 or less and is not a private foundation) The 15th day of the 4th month from the formation date Once a year
Statement of Information Anniversary date Once a year (for credit unions and cooperative corporations); Once every two years (for non-profit corporations)
 Colorado Periodic Report Three-month window starting on the first day of the formation month Once a year
 Connecticut Annual Report Anniversary date Once a year
 Delaware Annual Report March 1 (for domestic non-profit organizations); June 30 (for foreign non-profit organizations) Once a year
 Florida Annual Report May 1 Once a year
 Georgia Annual Registration April 1 Once a year
 Hawaii Annual Report The quarter that contains the anniversary month Once a year
 Idaho Annual Report Last day of the anniversary month Once a year
 Illinois Annual Report of Officer and Directors Before the first day of the anniversary month Once a year
 Indiana Annual Report 15th day of the 5th month following the close of the taxable year Once a year
 Iowa Biennial Report April 1 Once every 2 years (on odd years)
 Kansas Annual Report The 15th day of the 6th month after the close of the fiscal year Once a year
 Kentucky Annual Report June 30 Once a year
 Louisiana Annual Report Anniversary date Once a year
 Maine Annual Report June 1 Once a year
 Maryland Annual Report April 15 Once a year
 Massachusetts Annual Report November 1 Once a year
 Michigan Annual Report October 1 Once a year
 Minnesota Annual Renewal December 31 Once a year
 Mississippi Annual Report within 90 days after being requested by the secretary of the state when requested by the secretary of the state
 Missouri Annual Report August 31 Once a year
 Montana Annual Report April 15 Once a year
 Nebraska Biennial Reports March 1 (delinquent by April 15) Once every 2 years (on odd years)
 Nevada Annual List of Officers and Directors Last day of the anniversary month Once a year
 New Hampshire Annual Report December 31 Once every 5 years
 New Jersey Annual Report Last day of the anniversary month Once a year
 New Mexico Biennial Report The 15th day of the 4th month after the close of the fiscal year Once a year
 New York n/a n/a n/a
 North Carolina Annual Report The 15th day of the 4th month after the close of the fiscal year Once a year
 North Dakota Annual Report February 1 Once a year
 Ohio Certificate of Continued Existence End of anniversary month Once every 5 years
 Oklahoma n/a n/a n/a
 Oregon Annual Report Anniversary date Once a year
 Pennsylvania Decennial Report December 31 Once every 10 years
 Rhode Island Annual Report June 30 Once a year
 South Carolina n/a n/a n/a
 South Dakota Annual Report First day of anniversary month Once a year
 Tennessee Annual Report The 1st day of the 4th month after the close of the fiscal year Once a year
 Texas Periodic Report stated on the request by the secretary of the state Once every 4 years
Public Information Report May 15 Once a year
 Utah Annual Renewal Last day of anniversary month Once a year
 Vermont Biennial Report April 1 Once a year
 Virginia Annual Report Last day of the anniversary month Once a year
 Washington Annual Report Last day of the anniversary month Once a year
 West Virginia Annual Report July 1 Once a year
 Wisconsin Annual Report Last day of the quarter that contains the anniversary month (domestic); March 31 (foreign) Once a year
 Wyoming Annual Report First day of anniversary month Once a year
Washington DC Biennial Report April 1 Once every 2 years

Be mindful of your company’s annual report due date.

Be sure to submit your annual report on time!

Failure to do so will incur late fees, penalties, unnecessary taxes, and even dissolution of the business.

annual report business

Are the filing requirements different for each type of business?

The quick and short answer to this question would be YES.

Generally, the larger the business is, the more rigorous its requirements are.

For example, in most states, LLCs are not required to include their financial statements in their annual reports.

Corporations, on the other hand, must include their financial statements, along with a letter/report from the CEO or company president, and other filing requirements.

And if a corporation is large enough, it may even be required to do a separate filing to the US SEC.

Who are the target audiences of an annual report?

In general, current shareholders and potential investors are the primary targets of an annual report.

Other companies also include their employees, and/or the general public (customers, suppliers, community) as their target audiences.

An annual report can be used to report on employee achievement, management’s efficiency, team’s innovation, etc.

It can also be used to paint a good picture of the company towards its customers and suppliers.

FundsNet requires Contributors, Writers and Authors to use Primary Sources to source and cite their work. These Sources include White Papers, Government Information & Data, Original Reporting and Interviews from Industry Experts. Reputable Publishers are also sourced and cited where appropriate. Learn more about the standards we follow in producing Accurate, Unbiased and Researched Content in our editorial policy.

  1. IRS.gov "Annual Filing and Forms" Page 1 . August 31, 2021

  2. IRS.gov "Annual Reporting Requirements" Page 1 . August 31, 2021

  3. IRS.gov "State and Federal Online Business Registration" Page 1 . August 31, 2021

  4. SBA.gov "Register with State Agencies" Page 1 . August 31, 2021