Understanding Annual Reports and Statements of Information
Introduction
An annual report is a state-required document that updates your company’s key details, like ownership, addresses, and registered agent information. A statement of information serves a similar purpose, depending on the state, and is sometimes just another name for an annual or biennial report.
In 2025, missing these filings can lead to late fees, suspension of your business status, or even administrative dissolution. States are enforcing compliance more strictly, especially for LLCs and corporations operating online and across state lines.
This article explains the difference between annual reports and statements of information, when and how to file them, and how to avoid common mistakes that cost businesses time and money.
1. What’s the Difference Between Annual Report Requirements and a Statement of Information?
Both filings update state records, but the name and details vary by state.
- Annual Report: Often used in states like Florida and New York for yearly updates.
- Statement of Information: Common in states like California, typically filed annually or biennially.
- Both serve to keep your entity in good standing with the state.
📌 Tip: Always check your specific state’s terminology and due dates—missing a filing can jeopardize your legal status.
🔗 Internal Link: See [LLC Operating Agreements: Do You Really Need One?] to understand another key compliance requirement.
2. When Do You Need to File These Reports?
Most states require filing within a set period after formation and then annually or every two years.
Common timelines:
- Annual: Filed once per calendar year.
- Biennial: Filed every two years, often in the anniversary month of formation.
- Initial Report: Some states require a first filing within 90 days of registering your business.
⚠️ Warning: Late filings can lead to extra fees, loss of good standing, or administrative dissolution.
3. What Information Do These Filings Include?
The filings usually include basic business details, ownership info, and your registered agent.
Typical details:
- Business name and address
- Names and addresses of owners, officers, or managers
- Registered agent’s name and address
- Business type and activity description
4. How to File an Annual Report or Statement of Information
Most states offer online filing through their Secretary of State website.
Steps:
- Check your state’s official website for deadlines and forms.
- Gather your updated business information.
- Complete the online or paper form.
- Pay the required fee (varies by state).
- Save your confirmation for records.
🛠 Resource: National Association of Secretaries of State – Business Services Directory — as of August 2025.
5. Common Misunderstandings About These Filings
They are not the same as corporate tax returns or annual financial reports.
- Filing your annual report or statement of information does not replace tax filings.
- These filings are purely administrative updates for the state’s public records.
- Even if no changes occurred, you must file on time to confirm information is accurate.
🔗 Internal Link: See [What Is a Registered Agent and Why Does Every Business Need One?] to understand the registered agent’s role in these filings.
6. Penalties for Noncompliance
Missing a filing can lead to late fees, suspension, or even dissolution of your business.
Possible consequences:
- $50–$500 in late fees depending on the state.
- Loss of “good standing” status, making it harder to get loans or contracts.
- Administrative dissolution, requiring costly reinstatement.
📌 Tip: Set a calendar reminder for your filing deadlines to avoid penalties.
FAQ
Q1: Do all states require an annual report?
No. While most states require some form of annual or biennial filing, the name and frequency vary.
Q2: How much does it cost to file?
Fees range from $10 to over $300 depending on the state and entity type.
Q3: Can I file these reports myself?
Yes. Most small business owners file online without hiring a service, though some use compliance companies for reminders and processing.
Q4: What happens if my information hasn’t changed?
You still must file—many states require confirmation even if no changes occurred.
📌 Conclusion
Key Takeaways:
- Annual reports and statements of information keep your business records up to date with the state.
- Filing deadlines vary by state, so know your due dates.
- These filings are not tax returns—they are administrative updates.
- Noncompliance can lead to serious penalties or loss of business status.
- Filing on time ensures you meet your state’s annual report requirements and avoid penalties.
If you need legal guidance on annual reports and statements of information, book a consultation with The Law Spot today: Schedule Here.
Last Updated: August 20, 2025