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?
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.
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.
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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IRS.gov "Annual Filing and Forms" Page 1 . August 31, 2021
IRS.gov "Annual Reporting Requirements" Page 1 . August 31, 2021
IRS.gov "State and Federal Online Business Registration" Page 1 . August 31, 2021
SBA.gov "Register with State Agencies" Page 1 . August 31, 2021