What is it?
An annual report is a formal update provided to the state of any changes or business activities that may have occurred that year. Every state will require slightly different information to be detailed. In most cases it is best to check with the Secretary of State’s office to determine the proper form or what information must be disclosed.
Should I file annually?
Generally, yes; failure to file may result in a corporation/LLC being suspended, or dissolution with the addition of having to pay penalties and/or late fees to the state. There are exceptions from state to state, however, and these policies should be reviewed on your state’s Secretary of State website.
What do I need to file?
There is basic information that is required in every annual report regardless of state. Below is some of the general information that is usually included:
- Name and address of the registered agent of the business
- Current physical address
- Name and address of board members and officers
- A description of the activities being conducted by the business
If your company is publicly traded, additional shareholder information is also required on Form 10K:
- Operational and financial points
- CEO letter to shareholders
- Discussions and analysis from management team
- Financial statements
- Reports by auditor
- Financial summary
How to file?
Once you have begun your Go Bundle subscription, you will automatically be enrolled in the annual report filing that is mandated by your state. When the time comes to file your company’s update, you will receive an email from one of our representatives. They will provide approximately 2 weeks to respond with the necessary updates that must be submitted to the state. If there are no updates to your entity or if no response is received, the annual report will still be filed on your behalf indicating no updates have been made. Once the annual report has been filed, there is nothing else you need to do.