What Is An Annual Report (AKA a Statement of Information) and Do I Need One?

Running a business can be fulfilling, but some items on your to-do list won’t be all that exciting. Like tending to your annual compliance responsibilities. One of those mundane tasks involves telling the authorities you’re still in business. 

In just about every state, business owners have to file a document that’s most commonly known as an annual report. Your state might have a different name for this type of document, for instance: statement of information, business privilege tax return, annual registration, biennial report, and annual list of officers and directors (to name just a few). 

In some states, the form may require just a few simple details, like the business’s name and address, and in other states the form is more in-depth. It’s critical that you fill it out and submit by the deadline, though. Otherwise, your state may charge a steep penalty or even consider your business dissolved. Here’s what to know.

What is an annual report?

An annual report is a document most business owners have to file with their secretary of state every year (or, in some cases, every two or more years). The report is relatively simple and ensures the company’s information is accurate and up to date. They’re usually public record, so your clients, lending institutions, and licensing agencies might pull your annual report to make sure you’re in good standing. If you don’t file your annual report on time—or at all—your state may charge a penalty fee and dissolve your business. 

The information you have to report on this form varies by state, but it might include: 

• Your business’s name and address
• What your business does
• Names and addresses of managers and members (if an LLC) or officers and directors (if a corporation)
• Name and address of your registered agent

• An overview of operations and finances
• Balance sheets
• Profit and loss reports
• Accounting policies
• Director’s report
• Cash flow statements
• Auditor’s report

Submitting your annual report

As a business owner, you’ll need to dig up some details. Namely, find out whether your state requires an annual report, which types of businesses must file one, when you need to file one, and whether there’s a filing fee.  

The due date is usually tied to the date you formed or registered with the state, and the fee might be based on the type of entity you run—and whether the business is domestic or foreign.

If you have to create an annual report, you’ll typically submit it to your secretary of state along with a processing fee every year. Below, we’ve gathered details about annual reports in each state. Depending on your entity and where you live, you might have other filing requirements to fulfill, too. So use the information as a starting point, but check with your state to confirm the exact details.