Simplifying Accounting

An Annual Report is a mandatory filing that companies submit to their state’s Secretary of State or other regulatory authority each year. It contains key business information, such as the company’s legal name, principal office address, names and addresses of directors/officers, and registered agent details. The report helps the state keep updated records on active businesses and ensures the company remains in good standing.

The due date for submitting an annual report varies depending on the state. Common due dates include:

• Anniversary of company formation: Many states require the report to be filed on or before the anniversary date of when the company was formed.
• Fixed dates: Some states have set deadlines, such as March 1, April 15, or June 30.

Companies should verify the specific due date in their state to avoid penalties.

Failure to file the annual report on time can lead to:

• Late fees: Most states impose late fees, in Florida is $400.
• Administrative dissolution: If a company fails to file after a certain period (typically several months), the state may administratively dissolve or revoke the company's right to do business.

Filing the annual report on time is essential to avoid penalties, maintain compliance, and ensure the company's legal standing.