What is an LLC Annual Report and How to File One

Woman drafting annual report for llc

You gain many benefits when registering an LLC, but with those perks come responsibilities, such as filing an annual report.

Annual reports are document-style business information updates that LLCs must submit to their Secretary of State. These reports contain a range of information that you must file by a specific date, both of which you must get right to maintain good standing with your state.

And good standing is imperative to your LLC’s success because you could lose your business without it. 

What is an LLC Annual Report?

An annual report is a document that details your LLC’s general information and changes over the previous year. 

The information you provide in your LLC annual report helps your state determine the current status of your business and if the business is trading according to state requirements.

The purpose of an annual report for LLC

An annual report’s primary purpose is to provide specific business data to your governing state authorities and publicly disclose your LLC’s information and conditions over the past year. 

Your LLC annual report also provides details regarding the current owners, business set-up information, and any changes since the last filing date. 

Depending on location, annual reports go by different names, including “statement of information” or a “periodic report.”

Annual LLC report requirements

Annual reports give your state the most up-to-date information about your business and any changes since the last filing period. 

These details include: 

LLC Annual Report Filing Fees and Due Date

LLC filing fees and due dates

Most states require you to file a report yearly. However, some have biennial report filing dates (every 2nd year), others less frequently, like Pennsylvania, where you submit every 10 years. And some states, like Missouri, don’t require you to file an annual report.

It’s important to note that the filing requirements, whether it’s an annual report, there’s no requirement at all, or a biennial report may change over time and it’s crucial to maintain annual compliance with the state and remain in good standing. Be sure to receive updates from the state in case the requirement will change.

Filing fees and due dates vary depending on the entity type (including an LLC, corporation, and limited partnership) and whether they’re domestic or foreign to a state.

Filing your annual report ensures your business remains compliant with all state government regulations, which helps preserve your flow-through tax status and limited liability protection. 

Average LLC annual report filing fees

LLC annual report filing fees range from $10 to $500, depending on your state. 

LLC annual report due dates

Report due dates also vary depending on your state of registration. 

Some states implement a predetermined date for all business entities to file their reports. In contrast, others make you file it within 30 or 60 business days of your formation date.

LLC annual report reminders

Certain states send you annual report reminder forms to help you meet your deadline. 

You can decline to receive an annual report reminder or opt to continue receiving it yearly. 

When you choose to receive it, your state will email your reminder only if your business doesn’t have any outstanding annual reports and your company email address is on their file. Otherwise, they’ll send you a reminder by mail.  

But if your state doesn’t send an annual report reminder, you can outsource to an annual report filing service, like the one here at Tailor brands.  

What Happens If You Fail to File an LLC Annual Report?

What happens if you fail to file LLC annual report

Annual reports often feel like a formality, resulting in some businesses forgetting to file. But not filing on time (or at all) is a severe offense that comes with consequences. 

Late fees and fines

When you fail to file your annual report on time, states can impose late filing fees and penalties that you must pay on top of your regular filing fee. 

Filing fees vary; for example, in Florida, the late filing fee is $400. North Carolina doesn’t charge a late filing fee penalty, but instead, you’ll receive a “Notice for Grounds for Administrative Dissolution” if you don’t file your report.

Penalties

Not filing can result in losing your business’s “good standing” with your state. Losing your good standing can compromise your business activities; it’s often impossible to open a business bank account without it. 

To gain your good standing back, you must file a reinstatement form, submit your outstanding annual report, and pay the late filing fines and an extra fee. 

Taxes

Many states also make you pay other business taxes that could coincide with filing your LLC annual reports, such as franchise tax and sales and use tax.

Dissolution

If you fail to file by a specific date, your state will dissolve your LLC and remove it from their register, losing your limited liability protection and possibly your business name. 

How to File an LLC Annual Report

Once you’ve completed your annual report form, you must submit it to your state along with the filing fee. 

Almost all states allow you to file your LLC annual report online using their Secretary of State’s website. But some still require you to use a paper filing system that you then mail to the appropriate office. 

Before you file, check with your Secretary of State’s website for details. Or remove the hassle and use our compliance and annual report filing service.

Repeat the process for other states you're registered in

If you’ve registered as a foreign LLC in other states, you might have to file an annual report where you’re doing business.

Check with each state you’re operating in to confirm their filing dates, fees, and requirements.

LLC Annual Report State Requirements

Staying on top of filing reports and meeting deadlines can be an unwanted frustration for many new business owners. And finding your state’s specific details on a complicated government website often compounds the feeling.  

To remove the frustration and make your life a little easier, we’ve compiled a list of annual report filings costs and dates (state by state). 

State

Filing Fee

Due Date

Alabama

No Annual Report is Required (basic information is needed as part of a business tax return filing)

Alaska

100$

Biennial Report – on January 2nd

Arizona

No Annual Report is Required.

Arkansas

150$ + 5$ Online fee

Annually by May 1st

California

20$

Biennially by your registration anniversary.

Colorado

10$

Annually by your registration anniversary.

Connecticut

80$

Annually by March 31st

Delaware

Annual tax of 300$ (No annual report requirement)

Annually by June 1st

District of Columbia

300$

First report is due on April 1st after registration. After the first filing, Biennial reports by April 1st

Florida

138.75$

Annually by May 1st

Georgia

50$

Annually by April 1st

Hawaii

15$

Annually by your registration anniversary.

Idaho

0$

Annually by the last day of the anniversary registration.

Illinois

75$

Annually by the last day of the anniversary registration.

Indiana

32$

Biennially by the last day of the anniversary registration.

Iowa

60$

Biennial report by April 1st

Kansas

55$

Annually by April 15th

Kentucky

15$

Annually by June 30th

Louisiana

30$

Annually by your registration anniversary.

Maine

85$

Annually by June 1st

Maryland

300$

Annually by April 15th

Massachusetts

500$

Annually by your registration anniversary.

Michigan

25$

Annually by February 15th

Minnesota

0$

Annually by December 31st

Mississippi

0$

Annually by April 15th

Missouri

No Annual Report is Required.

Montana

20$

Annually by April 15th

Nebraska

10$

Biennial by April 1st

Nevada

150$

Annually by your registration anniversary.

New Hampshire

100$

Annually by April 1st

New Jersey

75$

Annually by your registration anniversary.

New Mexico

No Annual Report is Required.

New York

9$

Biennially by your registration anniversary.

North Carolina

203$

Annually by April 15th

North Dakota

50$

Annually by November 15th

Ohio

No Annual Report is Required.

Oklahoma

25$

Annually by your registration anniversary.

Oregon

100$

Annually by your registration anniversary.

Pennsylvania

70$

Decennial report by December 31st

Rhode Island

50$

Annually by May 1st

South Carolina

No Annual Report is Required (unless elected S-Corp taxation)

South Dakota

50$

Annually by your registration anniversary.

Tennessee

300$ + 50$ per member

Annually by April 1st

Texas

0$

Annually by May 15th

Utah

20$

Annually by your initial registration date.

Vermont

35$

Annually by March 31st

Virginia

50$

Annually by your registration anniversary.

Washington

60$

Annually by your registration anniversary.

West Virginia

25$

Annually by July 1st

Wisconsin

25$

Annually by your registration anniversary.

Wyoming

60$

Annually by your registration anniversary.

Conclusion

Filing accurate annual reports on time is crucial for maintaining good standing with your state and protecting you and your LLC. 

When you form your LLC, check all state report compliances and provide your contact details so they can remind you of your due filing date.

Keep in mind that even if you don’t receive a reminder, it’s your responsibility to submit your LLC annual report on time. 

So, ensure you avoid late date fees by using a due date calendar reminder for all your reports. 

This portion of our website is for informational purposes only. Tailor Brands is not a law firm, and none of the information on this website constitutes or is intended to convey legal advice. All statements, opinions, recommendations, and conclusions are solely the expression of the author and provided on an as-is basis. Accordingly, Tailor Brands is not responsible for the information and/or its accuracy or completeness.

Terry O'Toole
Terry OToole

Terry is a serial entrepreneur with over 25 years of experience building businesses across multiple industries – construction, real estate, e-commerce, hotelier, and now digital media. When not working, Terry likes to kick back and relax with family, explore Taoism’s mysteries, or savor the taste of fine Italian red wine.