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Why To File An Annual Report?

What is an Annual Report?

 

Filing an annual report on or before the due date in most of the states to continue business operation is one of the secretary of the state requirements. If one do not file it on time, the secretary of state will admin dissolves it.

 

Business renewal requirement in each state:

 

In most states of the USA a different reports are filed to renew a business, that are explained below:

 

  1. Annual report : It is filed every year to continue business.
  2. Biennial Report : It is filed every after two years.
  3. Period Report : It generally filed each year.
  4. Franchise Report : It is filed each year.
  5. Statement of Information : It filed yearly or every after two years, it depends on the state and type of entity.

 

What is the due date to renew a company?

 

It is decided by the state where the business is being operated and the date you incorporated in the specific state and generally the state send a notification when it is due prior to the expiration.

 

How much is the state filing fee to renew a company?

 

The state filing fee is set by the secretary of state, according to the entity type.

 

What happens, if the renewal was not proceeded timely or a business owner failed to file it on time?

 

The secretary of states may first admin dissolve it and later close the company permanently. It is filed regardless of the income to keep the company in a good standing.

 

What is the reason to renew a company when it is due?

 

An entity which is registered with the secretary of state and actively operate the operation is required to update the following information:

 

  1. The registered agent address is updated.
  2. The physical business address is updated.
  3. Officers, members and the mangers information are updated.

 

 


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