If you need to make adjustments to your company outside of the typical yearly reporting period (Annual Report), you may. Certainly not a fuss! Either you or Blugency may submit an Articles of Amendment form.
What Is the Purpose of an Annual Report?
The purpose of filing an annual report is to inform the State of any changes to your company's name, addresses of directors, managing members, the address of the company, the name and address of the Registered Agent, and business activities over the previous year. The reports' names, definitions, and scope can vary, but most states require businesses to file them regularly. Certain States refer to the annual reports of limited liability companies as "Statements of Information."
In some states, you are only required to submit a "biennial report" every two years.
As a manager, director, or owner of a business, one of your responsibilities is to file an annual report to follow state rules and regulations.
Who Is Required to File an Annual Report?
In most cases, an annual report must be filed with the Secretary of State if your company is a Limited Liability Company (LLC), Limited Liability Partnership (LLP), S Corporation, or C Corporation. This applies to any size company.
If your company doesn't file its annual reports or does so incorrectly, it could face problems, dissolution, and liability issues. Blugency helps you avoid tedious paperwork and penalties. Focus on your company with more time.
Who is Exempt from Filing an Annual Report?
Due to the fact that the business is not considered to be a separate entity from the owner, sole proprietorships and partnerships are typically exempt from the requirement to submit an annual report.
When is the Deadline for Submitting Your Annual Report?
Some States require annual reports to be filed on a specific date every year, regardless of the entity's formation date. In other states, the annual report is due on the anniversary of formation.
Different states have different due dates for LLC and Corporation annual reports. The deadline for submitting annual reports is typically listed on a State's official website.
What Happens If I Miss the Deadline or Fail to File My Annual Report?
If you don't file your annual report or miss the deadline, you put your business at risk. The state will no longer recognize your company as a legal entity, which could affect contracts, hurt business relationships, expose you to personal liability, your business could lose its "good standing, and the Secretary of State could dissolve it.
What Details Are Included In A Company's Annual Report?
Although the complexity of annual reports varies widely, they all share common information:
• Registered Agents, as well as Authorized Signatories
• The Company's Primary Office Address
• Number of Shares of Stock that the Company Issued
• Names and Contact Information for the Company's Decision-makers (Shareholders and Officers for Corporations; Members and Managers for Limited Liability Companies)
• Identifying Information that is Crucial to the Company • The Company's Mission
What are Business and Financial Annual Reports?
Producing business and financial reports for investors, directors, managers, and other stakeholders may be necessary in addition to filing a formal corporate annual report.
Although there aren't any "legal" requirements for what these reports should contain, there are certain conventions for what's included.
The primary focus of most annual reports is the company's financial health, which is the reason for the company's existence.
Annual business reports may take the following forms:
• Balance Sheets
• Financial Projections and Projections
• Statements of Profit and Loss
• Issuance Reports for Shares and Stock
An annual business report may also cover the following additional topics:
• Letter from the chairman or board of directors
• Executive summary
• Evaluation of Opportunities and Risks
It's critical to make sure you know the requirements, whether you are submitting a formal annual report for your LLC, S Corp, or C Corp or creating other business and financial reports.
Save yourself the hassle of putting together and filing your annual report by leaving it to Blugency, the industry leader in Annual Report preparation.
File Your Annual Report: How to Do It?
You can typically file annual reports for your LLC or corporation online via your state's website.
You'll also need to pay a fee, which varies from state to state and could be between $50 and $400, in addition to filing your annual report.
If important information about your business has changed, some states may also require you to file additional business documentation.
Having Trouble Submitting Your LLC Annual Report?
Rather than worrying about missing a deadline or incurring a fine from the state, you can focus on running your business and growing your company without the added stress. Put your paperwork in the hands of Blugency.
Common Questions About Annual Report
Q) What are some of the other names that annual reports go by?
Statement of Information (CA), Public Information Report (TX), and Biennial Statement (NY) are some examples of common names for it. However, the actual name can vary depending on the State.
Q) In order to file my annual report, what information do I need to have?
The most up-to-date name and address of the company, its registered agent, and its managers are generally required for limited liability companies. Typically, corporations must list their officers and directors and may also require stock information.
Q) What Will I Receive Upon Filing the Annual Report?
In most cases, once your Annual Report has been filed with the relevant state agency, that agency will send you a copy of the report that has been officially filed.
Q) What is the cost of submitting an annual report?
• Our annual report filing service fee is $59 per year.
• The filing fee is the same regardless of whether you are filing an annual report for an LLC, a corporation, or a nonprofit organization.
• Click on File Annual Report, select your entity type and State view the State fee in your company's State.
Q) What Happens If You Can't File my Business Annual Report?
Assume your entity has been administratively revoked, otherwise dissolved, or the report is not due soon after you place your order. In such a case, we will notify you via email and promptly refund your payment.
If your business has been dissolved for any reason, we can help you reinstate it and then file the Annual Report.
Q) Are there state-specific rules?
Yes. In some states, the State dissolves your company immediately if your annual report is submitted after the deadline. As a result, the legal and tax advantages of incorporation will no longer be available to you, and your company will no longer be registered with the State. Florida, Wyoming, Georgia, and Virginia are states that carry out this policy.
Other states have grace periods of 20–90 days.
Discover everything you need to know about your company Compliance Filing Requirements
Q) Are there any hidden fees?
No! As we promised, our prices and fees are Crystal Clear.
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