ANNUAL REPORT

This is a type of document that all LLC companies must file at the end of the financial year. The statement consists of all the activities of the business, from the transactions it carried out to hiring new employees, etc.

All annual report submissions according to the calendar are prepared for the sole purpose of informing government officials of developments at the Accountability Company during the previous year.

Importance of making your annual repote

Annual reports are mandatory for LLCs to renew their business. In some of the states, the LLC renewal needs a separate form to be filled out and submitted. However, most of the time, submitting the Annual Report gets the job done. The filing fee for an annual report is different from state to state. 

The purpose of the annual report is threefold. The annual report keeps the Government informed of all updates, communicates any modifications or changes, and keeps LLC members informed of necessary taxes and costs.

Consequences of not filing the annual report

Filing the annual report is an important process that you must comply with. Failure to do so could put all managers and members in a difficult situation. If you fail to file the corporate report on time, the government could impose a huge fine on your company. After repeated reminders, if you again fail to provide the initial report, your LLC could be temporarily dissolved, leaving the reinstatement process as your only option.