Understanding Annual Report Filings for Your LLC

Forming an LLC in the United States is only the first step toward building a strong business presence. To maintain your company’s compliance and good standing, you must meet ongoing state requirements, one of the most important being the annual or periodic report. These filings confirm your business’s key details, such as addresses, members, and registered agents, ensuring that state records stay accurate.

This guide on understanding annual report filings for your LLC will walk you through what yearly reports are, why they matter, how requirements differ from state to state, what information you’ll need, and the consequences of missing deadlines. Along the way, we’ll highlight best practices and credible insights from state authorities and business professionals. By the end, you’ll know exactly what to expect and how to stay compliant, so your LLC remains active, trustworthy, and ready to grow.

What Is an Annual Report and Why Do States Require It

An annual report for an LLC is a state-level compliance filing. Most US states require LLCs to submit one each year (or sometimes every two years) to keep their records current. The purpose is straightforward: confirm that the business is still active and ensure the state has updated information on your company’s legal details.

What an Annual Report Includes

The filing usually asks for:

  • Business name and ID number – so the state can match your LLC to its records.
  • Principal office and mailing address – where official notices can be sent.
  • Registered agent details – the individual or company authorized to receive legal documents.
  • Members or managers – names and addresses of those managing the LLC.
  • Business activity description – in some states, a short explanation of what your LLC does.

Why States Require It

  • Accuracy of public records – Helps the state maintain correct and updated databases.
  • Transparency for third parties – Lenders, investors, and customers can confirm that your LLC is in “good standing.”
  • Regulatory control – States want to ensure that businesses operating within their borders can be reached for tax, legal, or compliance matters.

Why It Matters to Foreign Owners

For business owners expanding into the US, missing an annual report deadline can lead to late fees, administrative dissolution, or loss of good standing, all of which make it harder to open bank accounts, sign contracts, or attract investors. 

CPAs and corporate attorneys regularly remind international clients that keeping up with state-level reports is just as important as federal filings like Form 5472. In fact, many professionals recommend reading a tax guide for foreign-owned LLCs alongside state reporting rules to get a full picture of your obligations.

Differences State-By-State for Annual Report Filings

One of the most confusing parts about annual reports is that every state has its own rules. Some require them yearly, others every two years, and a few states have unique alternatives, such as flat annual taxes. Understanding these differences is essential if you want your LLC to stay compliant, especially if you register in more than one state.

Examples from Key States

Florida

  • Filing: Annual Report.
  • Deadline: January 1 – May 1 each year.
  • Notes: Missing the May deadline leads to late fees and, eventually, administrative dissolution.
  • Portal: Filed online through Sunbiz.org.

California

  • Filing: Statement of Information.
  • Deadline: First due within 90 days of formation, then every two years.
  • Notes: Requires updates on managers, members, and business addresses.
  • Portal: Filed online through BizFile Online.

Wyoming

  • Filing: Annual Report.
  • Deadline: Due on the first day of the anniversary month of formation.
  • Notes: Fee is based on assets located in Wyoming, with a flat minimum if assets are small.

New York

  • Filing: Biennial Statement.
  • Deadline: Every two years, due in the anniversary month.
  • Notes: A small fee ($9) but mandatory to stay in good standing.

Texas

  • Filing: Public Information Report + Franchise Tax Report.
  • Deadline: May 15 each year.
  • Notes: More complex than most states because it combines a tax obligation with information reporting.

Delaware

Filing:

  • LLCs: No annual report, but must pay a flat annual LLC tax by June 1.
  • Corporations: Must file an annual report + franchise tax by March 1.
  • Notes: Delaware is popular with foreign founders, so it’s important to know that LLCs and corporations have different rules.

Why This Matters for Foreign Business Owners

Many foreign entrepreneurs pick states like Delaware, Wyoming, or Florida because of their business-friendly reputations. But the compliance rules differ sharply, and missing a deadline in one state won’t excuse you in another. CPAs often advise international business owners to keep a compliance calendar if they register in multiple states.

What Information Is Required for Annual Report Filings

Annual report filings aren’t complicated, but they do require specific details that states use to keep your business records up to date. While the exact requirements vary by state, most follow a similar structure. 

CPAs and corporate service providers often emphasize that accuracy matters; incorrect or outdated information can cause delays, penalties, or even rejection of your filing.

Common Information States Request

Business Name and Identification Number

  • Your LLC’s legal name and state-issued ID number, usually found in your formation documents.

Principal Office Address

  • The physical and mailing address of your LLC.
  • Some states also ask for an out-of-state mailing address if your company operates internationally.

Registered Agent Information

  • Name and street address of your registered agent.
  • This must be a real address (no P.O. Boxes).

Member or Manager Details

  • Names and addresses of LLC members (owners) or managers.
  • In some states, this information becomes part of the public record, while in others it is kept confidential.

Business Activity Description

  • A short statement of what your LLC does.
  • Some states only require broad categories (e.g., “consulting,” “e-commerce”), while others may want more specifics.

Contact Information

A phone number or email for business correspondence.

Used by the state for compliance notices.

Additional Requirements in Certain States

  • Wyoming: Reports include in-state assets to calculate the filing fee.
  • Texas: Annual franchise tax report requires revenue details.
  • Delaware LLCs: Instead of a report, LLCs pay a flat annual tax, but corporations must file both a tax and a report.

Best Practice from CPAs

Professionals at firms like Withum and EisnerAmper recommend keeping a dedicated compliance file with:

  • Copies of prior annual reports.
  • Updated member/manager details.
  • Proof of registered agent service.
  • Any ownership changes since the last filing.

By maintaining these records throughout the year, your annual report becomes a simple confirmation instead of a scramble to collect missing information.

Filing Process and Fees

Filing an annual report for your LLC is usually quick, but it’s important to know where and how to do it. Most states have moved the process online, making it faster and easier for business owners, including those managing from abroad. 

Still, mistakes like using the wrong portal or missing a fee can cause delays or late penalties.

How to File Your Annual Report

Find your state’s portal

  • Examples: Florida’s Sunbiz.org, California’s BizFile Online, Wyoming’s WyoBiz, or New York’s e-Statement system.
  • These official state websites are the only safe and reliable places to submit filings.

Log in with your business ID

  • Your LLC’s entity number, provided when you first registered, is typically required.

Enter updated business information

  • Addresses, registered agent, members/managers, and other required details.

Pay the filing fee

  • Fees vary by state and entity type, often ranging from under $10 to over $300.
  • Payment is typically made by credit card or ACH transfer.

Save confirmation

  • Most states provide an electronic receipt or a PDF copy. Keep this for your compliance records.

Typical Fees by State (Examples)

  • Florida: $138.75 for LLCs, due annually (late fee $400).
  • California: $20 for Statement of Information (LLCs), due every two years.
  • New York: $9 Biennial Statement.
  • Wyoming: Starts at $60, based on in-state assets.
  • Texas: No standard LLC annual fee, but all taxable entities must file a franchise tax report (which may have fees, depending on revenue).

Common Penalties for Non-Compliance

Annual report filings may seem routine, but ignoring them can have serious consequences. Each state enforces penalties differently, but the common theme is that missing a deadline will cost money, time, and sometimes your business’s legal standing. CPAs and state authorities consistently warn that business owners should treat these filings as essential, not optional.

Typical Penalties Across States

Late Fees

  • States often charge escalating late fees for missing deadlines.
  • Example: In Florida, missing the May 1 annual report deadline adds a $400 late fee on top of the normal filing fee.

Administrative Dissolution or Revocation

  • If your report remains unfiled, the state can dissolve your LLC or revoke your authority to do business.
  • Example: Wyoming and Delaware both have clear policies allowing dissolution if reports or taxes aren’t filed.

Loss of Good Standing

  • Without good standing, you can’t obtain certificates of status (often required by banks, investors, and partners).
  • This also blocks you from foreign qualifying in other states.

Reinstatement Costs

  • If your LLC is dissolved, you must file catch-up reports, pay all outstanding fees, and often submit a reinstatement application.
  • In some states, this can double or triple the original costs.

Comparison Between Annual Reports vs. Franchise Tax vs. Other Filings

One of the biggest sources of confusion for new LLC owners, especially foreign founders, is the difference between annual reports, franchise taxes, and other required filings. Although they may sound similar, they serve very different purposes. CPAs often stress that mixing them up can lead to missed deadlines and costly penalties.

Annual or Biennial Report

  • Purpose: Keeps your LLC’s basic business information current with the Secretary of State.
  • Key details: Addresses, registered agent, members/managers, and activity descriptions.
  • Examples:
    • Florida: Annual Report due between January 1 and May 1.
    • New York: Biennial Statement due every two years, $9 fee.

Franchise Tax (or Annual State Tax)

  • Purpose: A tax obligation that applies to the right to operate a business in a state.
  • Key details: Often calculated based on revenue, assets, or a flat fee, and filed with the state’s tax department rather than the Secretary of State.
  • Examples:
    • Delaware LLCs: No annual report, but a $300 annual tax due June 1.
    • Texas: Annual franchise tax report + Public Information Report due May 15.

Federal and Other Filings

Purpose: Separate obligations that foreign-owned LLCs must keep in mind.

Examples:

  • Form 5472 + pro-forma Form 1120: Required for foreign-owned single-member LLCs to report transactions with foreign owners.
  • BOI Reporting: Under the Corporate Transparency Act, LLCs must file ownership details with FinCEN.
  • Sales Tax Filings: Depending on your state and business activity, you may need to register for and collect state sales tax.

Final Thoughts

Staying compliant with state-level obligations is just as important as forming your LLC in the first place. Missing an annual report filing may seem small, but it can result in late fees, loss of good standing, or even dissolution of your company. 

By keeping deadlines on your calendar, updating your information accurately, and knowing the difference between annual reports, franchise taxes, and federal filings, you’ll protect your business and avoid unnecessary stress.

This guide on understanding annual report filings for your LLC is a reminder that compliance is an ongoing responsibility, not a one-time task. Whether you operate in one state or several, consistency is the key to keeping your LLC active and ready for growth.

And remember, many of these filings require you to have an EIN in place first. To stay ahead of processing times and requirements, visit EINwaittime.com.

Disclaimer: The information was accurate at the time the article was published, and may be subject to change. Moreover, this article is intended for informational purposes only and does not constitute legal, financial, or tax advice. Tax laws and regulations are complex and subject to change, and their application can vary widely based on individual circumstances. While every effort has been made to ensure the accuracy of the information presented, we make no guarantees regarding its completeness or applicability to your specific situation.

You are strongly encouraged to consult with a qualified tax professional or financial advisor before making any decisions based on this article.

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