Annual Report

Denise Elizabeth P
Senior Financial Editor & Contributor
Last Updated: August 31, 2021
Date Published: August 31, 2021

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

StateName of ReportDue DateFrequency of Submission
AlabamaBusiness Privilege Tax ReturnSame as federal returnOnce a year
AlaskaBiennial ReportJanuary 2Once every 2 years
ArizonaAnnual ReportAnniversary dateOnce a year
 ArkansasAnnual Franchise Tax ReportMay 1Once a year
 CaliforniaAnnual Franchise Tax ReportThe 15th day of the 4th month from the formation dateOnce a year
Statement of InformationLast day of the anniversary monthOnce a year
 ColoradoPeriodic ReportThree-month window starting on the first day of the formation monthOnce a year
 ConnecticutAnnual ReportAnniversary dateOnce a year
 DelawareAlternative Entity TaxMarch 1Once a year
Annual Franchise Tax ReportMarch 1Once a year
 FloridaAnnual ReportMay 1Once a year
 GeorgiaAnnual RegistrationApril 1Once a year
 HawaiiAnnual ReportThe quarter that contains the anniversary monthOnce a year
 IdahoAnnual ReportLast day of the anniversary monthOnce a year
 IllinoisAnnual ReportAnniversary dateOnce a year
 IndianaBusiness Entity ReportLast day of the anniversary monthOnce every 2 years
 IowaBiennial ReportApril 1Once every 2 years (on even years)
 KansasAnnual ReportThe 15th day of the 4th month after the close of the fiscal yearOnce a year
 KentuckyAnnual ReportJune 30Once a year
 LouisianaAnnual ReportAnniversary dateOnce a year
 MaineAnnual ReportJune 1Once a year
 MarylandAnnual ReportApril 15Once a year
 MassachusettsAnnual ReportWithin 2.5 months of the close of the fiscal yearOnce a year
MichiganAnnual ReportMay 15Once a year
 MinnesotaAnnual RenewalDecember 31Once a year
 MississippiAnnual ReportApril 15Once a year
 MissouriAnnual ReportLast day of the anniversary monthOnce a year
 MontanaAnnual ReportApril 15Once a year
 NebraskaBiennial ReportsMarch 1 (delinquent by April 15)Once every 2 years (on even years)
 NevadaAnnual List of Officers and DirectorsLast day of the anniversary monthOnce a year
 New HampshireAnnual ReportApril 1Once a year
 New JerseyAnnual ReportLast day of the anniversary monthOnce a year
 New MexicoBiennial ReportThe 15th day of the 4th month after the close of the fiscal yearOnce every 2 years
 New YorkBiennial ReportLast day of the anniversary monthOnce every 2 years
 North CarolinaAnnual ReportThe 15th day of the 4th month after the close of the fiscal yearOnce a year
 North DakotaAnnual ReportAugust 1Once a year
 Ohion/an/an/a
 Oklahoman/an/an/a
 OregonAnnual ReportAnniversary dateOnce a year
 PennsylvaniaDecennial ReportDecember 31Once every 10 years
 Rhode IslandAnnual ReportMarch 1Once a year
 South Carolinan/an/an/a
 South DakotaAnnual ReportFirst day of anniversary monthOnce a year
 TennesseeAnnual ReportThe 15th day of the 4th month after the close of the fiscal yearOnce a year
 TexasTexas Franchise Tax ReportMay 15Once a year
Public Information Report (PIR)Once a year
 UtahAnnual RenewalAnniversary dateOnce a year
 VermontAnnual ReportWithin two and a half months following the fiscal endOnce a year
 VirginiaAnnual RegistrationLast day of the anniversary monthOnce a year
 WashingtonAnnual ReportLast day of the anniversary monthOnce a year
 West VirginiaAnnual ReportJuly 1Once a year
 WisconsinAnnual ReportLast day of the quarter that contains the formation monthOnce a year
 WyomingAnnual ReportFirst day of anniversary monthOnce a year
Washington DCBiennial ReportApril 1Once every 2 years

For LLCs

StateName of ReportDue DateFrequency of Submission
AlabamaBusiness Privilege Tax ReturnSame as the federal returnOnce a year
AlaskaBiennial ReportJanuary 2Once every 2 years
Arizonan/an/an/a
 ArkansasAnnual Franchise Tax ReportMay 1Once a year
 CaliforniaAnnual Franchise Tax ReportThe 15th day of the 4th month from the formation dateOnce a year
 CaliforniaStatement of InformationLast day of the anniversary monthOnce every 2 years
 ColoradoPeriodic ReportThree-month window starting on the first day of the formation monthOnce a year
 ConnecticutAnnual ReportAnniversary dateOnce a year
 DelawareAlternative Entity TaxJune 1Once a year (optional)
 FloridaAnnual ReportMay 1Once a year
 GeorgiaAnnual RegistrationApril 1Once a year
 HawaiiAnnual ReportThe quarter that contains the anniversary monthOnce a year
 IdahoAnnual ReportLast day of the anniversary monthOnce a year
 IllinoisAnnual ReportAnniversary dateOnce a year
 IndianaBusiness Entity ReportLast day of the anniversary monthOnce every 2 years
 IowaBiennial ReportApril 1Once every 2 years
 KansasAnnual ReportThe 15th day of the 4th month after the close of the fiscal yearOnce a year
 KentuckyAnnual ReportJune 30Once a year
 LouisianaAnnual ReportAnniversary dateOnce a year
 MaineAnnual ReportJune 1Once a year
 MarylandAnnual ReportApril 15Once a year
 MassachusettsAnnual ReportAnniversary dateOnce a year
 MichiganAnnual ReportFebruary 15Once a year
 MinnesotaAnnual RenewalDecember 31Once a year
 MississippiAnnual ReportApril 15Once a year
 Missourin/an/an/a
 MontanaAnnual ReportApril 15Yearly
 NebraskaBiennial ReportsApril 1Once every 2 years
 NevadaAnnual List of Managers or MembersLast day of the anniversary monthOnce a year
 New HampshireAnnual ReportApril 1Once a year
 New JerseyAnnual ReportLast day of the anniversary monthOnce a year
 New Mexicon/an/an/a
 New YorkBiennial ReportLast day of the anniversary monthOnce every 2 years
 North CarolinaAnnual ReportApril 15Once a year
 North DakotaAnnual ReportNovember 15Once a year
 Ohion/an/an/a
 OklahomaAnnual CertificateAnniversary dateOnce a year
 OregonAnnual ReportAnniversary dateOnce a year
 PennsylvaniaDecennial ReportDecember 31Once every 10 years
 Rhode IslandAnnual ReportNovember 1Once a year
 South Carolinan/an/an/a
 South DakotaAnnual ReportFirst day of anniversary monthOnce a year
 TennesseeAnnual ReportThe 15th day of the 4th month after the close of the fiscal yearOnce a year
 TexasTexas Franchise Tax ReportMay 15Once a year
Public Information Report (PIR)Once a year
 UtahAnnual RenewalAnniversary dateOnce a year
 VermontAnnual ReportWithin three months following the fiscal endOnce a year
 VirginiaAnnual RegistrationLast day of the anniversary monthOnce a year
 WashingtonAnnual ReportLast day of the anniversary monthOnce a year
 West VirginiaAnnual ReportJuly 1Once a year
 WisconsinAnnual ReportLast day of the quarter that contains the formation monthOnce a year
 WyomingAnnual ReportFirst day of anniversary monthOnce a year
Washington DCBiennial ReportApril 1Once every 2 years

For Non-profit Organizations

StateName of ReportDue DateFrequency of Submission
Alabaman/an/an/a
AlaskaBiennial ReportJuly 2Once every 2 years
ArizonaAnnual ReportAnniversary dateOnce a year
 ArkansasAnnual Report for Nonprofit CorporationsAugust 1Once a year
 CaliforniaAnnual Registration Renewal Fee ReportThe 15th day of the 4th month from the formation dateOnce 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 dateOnce 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 dateOnce a year
Statement of InformationAnniversary dateOnce a year (for credit unions and cooperative corporations); Once every two years (for non-profit corporations)
 ColoradoPeriodic ReportThree-month window starting on the first day of the formation monthOnce a year
 ConnecticutAnnual ReportAnniversary dateOnce a year
 DelawareAnnual ReportMarch 1 (for domestic non-profit organizations); June 30 (for foreign non-profit organizations)Once a year
 FloridaAnnual ReportMay 1Once a year
 GeorgiaAnnual RegistrationApril 1Once a year
 HawaiiAnnual ReportThe quarter that contains the anniversary monthOnce a year
 IdahoAnnual ReportLast day of the anniversary monthOnce a year
 IllinoisAnnual Report of Officer and DirectorsBefore the first day of the anniversary monthOnce a year
 IndianaAnnual Report15th day of the 5th month following the close of the taxable yearOnce a year
 IowaBiennial ReportApril 1Once every 2 years (on odd years)
 KansasAnnual ReportThe 15th day of the 6th month after the close of the fiscal yearOnce a year
 KentuckyAnnual ReportJune 30Once a year
 LouisianaAnnual ReportAnniversary dateOnce a year
 MaineAnnual ReportJune 1Once a year
 MarylandAnnual ReportApril 15Once a year
 MassachusettsAnnual ReportNovember 1Once a year
 MichiganAnnual ReportOctober 1Once a year
 MinnesotaAnnual RenewalDecember 31Once a year
 MississippiAnnual Reportwithin 90 days after being requested by the secretary of the statewhen requested by the secretary of the state
 MissouriAnnual ReportAugust 31Once a year
 MontanaAnnual ReportApril 15Once a year
 NebraskaBiennial ReportsMarch 1 (delinquent by April 15)Once every 2 years (on odd years)
 NevadaAnnual List of Officers and DirectorsLast day of the anniversary monthOnce a year
 New HampshireAnnual ReportDecember 31Once every 5 years
 New JerseyAnnual ReportLast day of the anniversary monthOnce a year
 New MexicoBiennial ReportThe 15th day of the 4th month after the close of the fiscal yearOnce a year
 New Yorkn/an/an/a
 North CarolinaAnnual ReportThe 15th day of the 4th month after the close of the fiscal yearOnce a year
 North DakotaAnnual ReportFebruary 1Once a year
 OhioCertificate of Continued ExistenceEnd of anniversary monthOnce every 5 years
 Oklahoman/an/an/a
 OregonAnnual ReportAnniversary dateOnce a year
 PennsylvaniaDecennial ReportDecember 31Once every 10 years
 Rhode IslandAnnual ReportJune 30Once a year
 South Carolinan/an/an/a
 South DakotaAnnual ReportFirst day of anniversary monthOnce a year
 TennesseeAnnual ReportThe 1st day of the 4th month after the close of the fiscal yearOnce a year
 TexasPeriodic Reportstated on the request by the secretary of the stateOnce every 4 years
Public Information ReportMay 15Once a year
 UtahAnnual RenewalLast day of anniversary monthOnce a year
 VermontBiennial ReportApril 1Once a year
 VirginiaAnnual ReportLast day of the anniversary monthOnce a year
 WashingtonAnnual ReportLast day of the anniversary monthOnce a year
 West VirginiaAnnual ReportJuly 1Once a year
 WisconsinAnnual ReportLast day of the quarter that contains the anniversary month (domestic); March 31 (foreign)Once a year
 WyomingAnnual ReportFirst day of anniversary monthOnce a year
Washington DCBiennial ReportApril 1Once 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.

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  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