Annual reports are mandatory forms that provide the state with up-to-date information about your business, including its name, address, and managers. These reports are typically required to be filed annually with the Secretary of State or other state filing office, although the filing frequency may vary depending on the state. Although the name, definition, and scope of these reports may differ from state to state, most businesses are required to submit them regularly.

Typically, for LLCs, the most recent information on the company’s name, address, registered agent, and managers is required. For corporations, officers and directors must be listed, and there may be a need for information on stocks as well.

Not filing your annual report could result in the loss of your business’s good standing with the state and the imposition of late fees. If you fail to file entirely, your company may face administrative dissolution, and the state may no longer recognize it as a legal entity. This could negatively impact your business relationships, contracts, and may expose you to personal liability.

Each state has its own specific filing windows and deadlines, and reports submitted outside of these windows may not be accepted. For instance, the California Secretary of State requires businesses to file within a six-month window that includes the month of their formation. To ensure that your order and paperwork are processed on time, it’s important to check your state’s filing window. Additionally, our Compliance Calendar can provide email and text reminders for annual reports and business income tax filings.

No, we are management consultants, not investors.

If you run a business, then it’s probably safe to say yes. In fact, you may require more than one business plan: one for raising capital and one for running your business. The former is a compact, easily digested strategic document that is designed to persuade potential investors to pick up the phone and invite you to their offices for an initial meeting. The latter is a more detailed document serving as a day-to-day roadmap, detailing the tactics supporting your overall strategy. The former needs to be an attractive document that sells; the latter can be a collection of spreadsheets, lists, research summaries, and other documents stuffed in a binder that you refer to and update on a regular basis. We specialize in preparing the capital-raising business plan, but many of the by-products are suitable for use in the operating business plan.