What Is an Annual Report for an LLC? How To File, Cost, Requirements + More

States require LLCs to file an annual report to keep their information up to date with the Secretary of State or another state entity. Even though it sounds like a hassle, it’s not as difficult to prepare and file as you might think. 

If you don’t file an annual report for your LLC, you risk penalties and interruptions to your business. Learn how to avoid these problems and what you need to do to comply with your state’s LLC reporting requirements.

What is an LLC annual report?

An annual report for an LLC provides the state with updated information about your LLC. Sometimes called a statement of information or annual registration, this report is part of an LLC's compliance requirements. It’s typically done annually, though some states require it every two years.

Unlike annual reports filed by public corporations, LLC annual reports usually lack detailed financial information. States require annual reports for LLCs because company details can change throughout the year.

What goes into an LLC annual report?

State requirements vary, but most annual report filings will require:

• Legal business name: Companies sometimes change their legal name even if they continue using the same DBA. States want to ensure their public directory of state-registered businesses stays as up to date as possible.
• Business address and mailing address: It’s common for businesses to move, and states need to know the business's current primary location.
• Registered agent’s name and address: Registered agents may change, especially when the business goes through major changes or selects a different registered agent service.
• Names and addresses of owners: If ownership of the LLC changes, the state wants to know about it, including where to find the owners.
• Authorized signatures: Someone with proper authority must sign the document.

While you may be able to make changes to your LLC information when you file your annual report, many states have laws that require changes, like to your registered agent, be filed in specific time frames. There are also good business reasons why you should not wait until your annual report to make changes. Additionally, you cannot always make changes to the information in your Articles of Organization when you file your annual report. If you have changes in that information, you may need to file an Amendment to your Articles before filing your annual report. Each state differs on these requirements, so if your LLC has new information, check the requirements before you get started.

Why does annual reporting matter for LLCs?

It might seem like filing an annual report is just another task to add to the small business compliance checklist, but it serves several important purposes:

• It helps keep your LLC in good standing. A loss of good standing with the state may result in the state taking action, such as revocation of the LLC. If this happens, the business may lose contracts and business relationships, and the owners could lose their personal liability protection. You can even lose your business name if you are inactive, as the state may, in its discretion, allow another party to file a business registration with the same name you have been using, and you would be required to change your LLC name upon reinstatement.
• It helps ensure accurate record-keeping and tax-tracking. The state wants its businesses to keep their information as up to date as possible. This is important in case there are issues regarding that business. Additionally, it makes it easier for the state to ensure the business files required returns and pays the required taxes.
• It lets the state know where to send official mail. One of the key reasons states require LLC registration is so that consumers and government agencies always know who to contact. If an LLC doesn’t update its address, it might not receive official letters and legal notices, which could lead to missed legal proceedings or other complications, including default judgments.

What happens if I forget to file my annual report? 

If an LLC fails to file an annual report, it may become inactive and ultimately be revoked by the state.

If an LLC loses its good standing with a state for filing an annual report a few days late, that state may allow that LLC to regain its active status. The LLC can file the missing annual report, a reinstatement form, and pay the necessary annual report filing fee and reinstatement/penalty fee.

How do I file my annual report? 

The annual report filing procedure varies for each state, but many states follow a similar process, such as:

• Step 1: Go to your state’s Secretary of State or business department website and sign in (or create an online account if you haven’t already done so).
• Step 2: Go to the business filings page and choose the appropriate section for annual report business filings.
• Step 3: Provide the relevant information for the annual report. You can usually do this by either uploading a form or putting the information directly into the website.
• Step 4: Enter payment information for the filing fee, then click submit.

Some states require payment of the fee after submitting the annual report, and/or allow LLCs to mail in their annual report. If you need guidance during this process, LegalShield provider lawyers can clarify the specific requirements for your state.

How often should I file my annual report? 

How often you should file a report depends on your state. Most states require an annual report, but some have biennial (every two years) or even partial-year filings due.

Check your state for details. Report deadlines vary greatly — some are on the anniversary of the formation of your LLC, others are preset for all entities, no matter when formed.

How much does it cost to file an annual report?

Each state is different, but you should expect the annual report filing fee to be roughly the same cost (or a little bit less) as the LLC filing fee you paid to start your LLC. These costs vary from state to state.

Some states charge an optional “rush fee” in addition to the regular filing fee to expedite processing.

Get Legal Guidance with LegalShield® Business Plans

If your business is an LLC in good standing with your state, you want to keep it that way. To do that, you’ll need to file your LLC annual report. While many business owners handle this process themselves, having access to legal guidance can help ensure everything is completed correctly.

Staying compliant with state requirements is essential for maintaining your LLC’s status. With LegalShield Business Plans, you can get guidance from a provider law firm yer who can help you understand your state’s requirements. Our provider law firms can help answer questions related to business formation, debt collection, employment law, and property renting. 

Contact LegalShield today to learn more!

Frequently asked questions

Do all states make LLCs file an annual report?

The vast majority of states require LLCs to file an annual report. A few states require this report every two years, though, so check the requirements to stay in compliance.

Can I file my annual report myself, or do I need a lawyer?

You can file an annual report yourself or hire someone to do it for you. However, while you can file an annual report yourself, having guidance from a legal professional can help ensure accuracy and compliance with your state’s requirements.

How do I find my state’s annual report deadline?

A simple online search for your state’s business services or Secretary of State website should provide the LLC annual report filing deadline.

What if I missed last year’s annual report — can I still fix it?

Yes, but you may need to file a reinstatement form to get your LLC back in good standing. You’ll then file the missing annual report. Then there are fees to pay, with the two most common being a reinstatement/penalty fee and the annual report filing fee.

Pre-Paid Legal Services, Inc. (“LegalShield”) provides access to legal services offered by a network of provider law firms to LegalShield members through membership-based participation. Neither LegalShield nor its officers, employees or sales associates directly or indirectly provide legal services, representation, or advice. Small Business Legal Plans and certain benefits are not available in all states. See a Small Business Legal Plan contract for a specific state for complete terms, coverage, amounts, and conditions. The information made available in this blog is meant to provide general information and is not intended to provide legal advice, render an opinion, or provide a recommendation as to a specific matter. The blog post is not a substitute for competent legal counsel from a licensed professional lawyer in the state or province where your legal issues exist, and you should seek legal counsel for your specific legal matter. Information contained in the blog may be provided by authors who could be a third-party paid contributor. All information by authors is accepted in good faith, however, LegalShield makes no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of such information.