What is an Annual Report?
Annual reports are forms submitted to government agencies for registration purposes. These forms help keep records of corporate activity and any changes up to date with the state the entity is registered in. Most states require these reports to be filed yearly (NY requires filing every other year) on the company’s incorporation anniversary or shortly thereafter.
State Specific Annual Reports
The types of entities that must file differ from state to state. In New Jersey, corporations, LLCs, LPs, and LLPs must file; in New Mexico, only Corporations and LLPs must file. The filing is done with different state agencies. Some states require that you file your report with the Department of Revenue while others with the Secretary of State.
Annual reports may also include questions such as...
List of Officer and Directors
The number of shares the company has authorized
Most states also charge a fee to file annual reports.
What Happens if I Don’t File an Annual Report?
Filing the annual report is usually necessary to keep the company in good standing as a registered entity. Filing late may cause the company to incur late fees, and failing to file could lead to the administrative dissolution of the company; meaning the company is no longer in good standing and the state will no longer recognize the company as a legal entity. While the company can often apply for reinstatement, administrative dissolution itself could affect the company’s contracts, business relationships, and in extreme cases hold a corporation’s shareholders or directors personally liable for the corporation’s actions or debts.
For Companies Subject to Mandatory Securities Filings
The Securities Exchange Act of 1934 requires companies that have registered publicly held securities and companies of a certain size ($10 million or more in assets and 500 or more shareholders) must file a disclosure form called a Form 10-K and quarterly reports called Form 10-Q. Most small privately-owned businesses need to worry about these filings.
Annual, Biennial and Franchise Tax Report Filing Service
We can prepare and file your business’s annual reports. When using Blumberg you save time and remove uncertainties about the details, deadlines and fees, that are required to protect your company’s good standing.
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