What is an annual report and why do I need one?
Forming your business is just the first of many reporting requirements by the state. Most states will require businesses to file annual reports and/or pay taxes in order to remain compliant and in good standing.
If these compliance events are missed, the state will often impose fees or penalties and may even revoke the company’s right to conduct business within the state.
ZenBusiness will send important notifications and help with your annual filing to ensure your company remains compliant.
Types of ongoing annual filing requirements
Some states require initial reports and fees shortly after formation or incorporation.
Annual report or biennial statement
Most states require one or these with slight variations. Some states set the due date on the anniversary of the business formation date while other states pick a specific day of the year for all businesses.
Statement filing fees
You should expect to pay a state fee when submitting your initial report, annual report, or biennial statement. These vary from state to state and range from $0-$300 or higher.
Some states charge franchise taxes for corporations or LLCs that operate within their border. Formulas and tax amounts also vary from state-to-state.
Articles of Amendment
If you’ve made important changes to your company like address, name, new shares, or membership, then you will need to report it with articles of amendment.