Annual report (state filing)
A state filing required by some US states to maintain entity good standing.
Definition
An annual report is a periodic filing some US states require to maintain entity good standing. Reports basic information about the entity, its directors/managers, and registered agent.
Context
Delaware LLCs file no annual report. Delaware Corporations file an annual report by March 1 plus pay franchise tax. Other states (Florida, California) require annual reports for LLCs.
Example
A Delaware LLC foreign-qualified in California must file California's biennial Statement of Information in addition to Delaware's annual $300 franchise tax.
Common pitfalls
- Delaware LLCs have no annual report, only $300 franchise tax.
- Foreign-qualified LLCs face annual report requirements in each qualified state.