The Importance of an Annual Report
Corporations and LLCs must report to the state information about business activities, business locations, and current contact information for owners/managers. Most states require this information be updated annually. By submitting the Annual Report (sometimes called Statement of Information), this filing requirement is met.
Please note that under most conditions (whether a new business, conducting business, or not conducting business at the time, etc.) you are required to file according to your state’s schedules which vary by state.
If a business doesn’t file in a timely manner, the corporation or LLC could be subject to suspension or dissolution in addition to having penalties and late fees imposed by the state.
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