Annual Reports

Nearly every state requires an annual information report from every corporation and LLC operating in the state. Your company will be required to file in the state where you formed your entity and in every state where you have registered to do business. Their main purpose is to ensure that the public and government officials have current contact information for the company. Some states use the annual report information to assess a franchise tax—which is basically a fee for the privilege of being recognized as a legal entity in the state.