Annual Reports: Requirements and Deadlines
Most states require LLCs to file periodic reports to keep information current. Missing these deadlines can result in penalties or even dissolution.
What Is an Annual Report?
An annual report (sometimes called a statement of information or periodic report) is a filing that updates the state on your LLC's current information. Despite the name, some states require these reports every two years (biennial).
The report typically confirms:
- Your LLC's legal name and address
- Registered agent name and address
- Names of members or managers
- Principal place of business
Annual reports are different from tax returns. They're administrative filings to keep your state's records current, not financial reports.
Annual reports are about compliance, not finances. You're confirming your business still exists and your information is accurate, not reporting income or profits.
Requirements by State
Annual report requirements vary significantly by state:
| State | Frequency | Due Date |
|---|---|---|
| Wyoming | Annual | Anniversary month |
| Delaware | Annual | June 1 |
| California | Biennial | Anniversary month (every 2 years) |
| Texas | None required | N/A |
| Florida | Annual | May 1 |
| New York | Biennial | Anniversary month (every 2 years) |
States Without Annual Reports
A few states don't require annual reports for LLCs:
- Ohio
- Pennsylvania
- Missouri (for most LLCs)
- Arizona
Even in these states, you may still have other compliance requirements like franchise taxes.
Filing Process
Filing an annual report is typically straightforward:
- Receive reminder: Most states send notices 60-90 days before the due date
- Access state portal: Log in to your state's online filing system
- Review information: Confirm or update your LLC's details
- Pay fee: Submit payment (credit card or bank transfer)
- Receive confirmation: Save your filing receipt
Set a calendar reminder 30 days before your due date. Don't rely solely on state notifications, which sometimes arrive late or not at all.
What Happens If You Miss Your Deadline
Missing your annual report deadline triggers a cascade of consequences:
Late Fees
Most states charge late fees for missed deadlines. These add up each month or year you remain non-compliant.
Loss of Good Standing
Your LLC loses its "good standing" status. This can affect your ability to:
- Open or maintain bank accounts
- Obtain business loans
- Register in other states
- Enter into contracts
- Sue in court
Administrative Dissolution
After continued non-compliance (often 1-2 years), the state may administratively dissolve your LLC. This means your LLC no longer legally exists.
Personal Liability Risk
Operating a dissolved LLC can expose you to personal liability. The liability protection you formed the LLC for disappears.
If your LLC has been dissolved, you may be able to reinstate it by filing back reports, paying fees, and filing a reinstatement application. The longer you wait, the more expensive this becomes.
Frequently Asked Questions
Frequently Asked Questions
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