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.