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Swyft Filings is committed to providing accurate, reliable information to help you make informed decisions for your business. That's why our content is written and edited by professional editors, writers, and subject matter experts. Learn more about how Swyft Filings works, our editorial team and standards, what our customers think of us, and more on our trust page.
Starting a new business is certainly a process that involves countless steps and a lot of paperwork. Part of your responsibility as business owner is staying on top of the state and federal regulations so that your company remains in good standing with the government.
The majority of states require all businesses (LLC, corporation) to file some kind of periodic update — the most common name for this document is an annual report.
What is an Annual Report?
An annual report, which is also commonly known as a periodic report, is simply a way for the state governments to stay current on the basic information of your business. Generally, the annual report is filed with the Secretary of State's office and includes a separate fee.
What information is included in the Annual Report?
Every state has different requirements for the information that businesses must include in the annual report, but generally, the following data is needed:
LLCs:
The name and address of the business
The name and address of the registered agent
The names of the members/manager(s)
The business’s EIN
Corporations:
The name and address of the business
The name and address of the registered agent
The names of the directors and/or officers
The amount/number of shares
The business’s EIN
Why is it necessary?
With all of the other paperwork you have to handle for your business, you may wonder why the annual report is even necessary. State governments use a periodic report as a way to stay updated on the basic information and details of businesses.
This report also ensures that businesses are remaining compliant with certain regulations — like appointing a registered agent, maintaining legitimate contact information, and disclosing the business’s ownership.
Most states will charge a late fee if the annual report is not submitted on time, and many states will administratively dissolve the business if the annual report is late by more than 60 days.
While this document is commonly known as an annual report, the actual filing requirements and the name of the report can differ from state to state. Rules regarding the periodic reports can also vary, depending on your chosen legal business entity (LLC or c-corp).
For example, The title of the annual report in California is known as a Statement of Information; Corporations must submit a report every year, but LLCs are only required to submit the statement every two years.
Nevada refers to its periodic reports as the List of Officers and Directors (corporations) and/or the List of Managers/Managing Members (LLCs). Both reports are due every year. The state of Texas requires both corporations and LLCs to file a Public Information Report; however, there is no fee for this annual filing.
In New Mexico, corporations must submit a biennial report every two years; however, LLCs are not required to submit a report at all. By contrast, the state of Pennsylvania only needs to be updated every decade — the decennial report is due every 10 years for both corporations and LLCs.
The cost of the annual report can also differ greatly depending on your business’s home state — see chart below for example fees:
State | Corp Fee | LLC Fee |
California | ||
Florida | ||
New York | ||
Delaware | ||
Washington | ||
Georgia | ||
Michigan |
Some states do not require either corporations or LLCs to file an annual report:
Ohio
South Carolina
Alabama
In addition to the periodic report, other annual filing requirements for businesses can include a franchise tax. Some states require businesses to pay for the privilege of operating within their borders — this fee is generally known as a franchise tax. A few states, like Texas, demand the franchise tax in lieu of charging an annual report fee.
The annual report is likely one of the more simple requirements that your business will need to fulfill. Additionally, all states will send at least one notice so that businesses don't fall behind. Your company's registered agent will receive these notifications and can make sure that you stay on top of filing your periodic report.
Last Note: If you need to make changes to the contact information of your business or the registered agent information, check with the Secretary of State website for any additional forms that must be filed with the annual report.
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You can form a corporation or LLC with our help for as little as $0, plus state filing fees for incorporation. Filing fees vary depending on the state you incorporate in. For more information on specific states, check out our state guides on the Swyft Resource Center. You can also email us with specific questions or contact us at 877-777-0450.
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It depends on what you ordered. If all you did was file your corporation or LLC, the price you paid when ordering is all you pay. You will have no further fees after that.
However, if you signed up for the Swyft Filings Registered Agent Service, you will be charged its initial fee three days after you place your order. From then on, you will be charged according to the terms of your subscription until you change your registered agent with the state or dissolve your company. If you change your agent or dissolve your company on your own, let us know so we can discontinue billing.
Other potential subscription-based options include SnapMailbox, 360 Legal Forms, and ComplianceGuard. If you opt for SnapMailbox or 360 Legal Forms, you will be charged a monthly fee after their respective 30-day free trials end. ComplianceGuard has an annual fee after a 14-day free trial. All three of these services are completely optional.
Our team processes all Standard orders on a first come, first served basis. If you opt for Express or Same-Day Processing, we prioritize your order and send it to the front of the line. However, no matter how fast we get it out the door, you’ll still have to wait for your state to address your filing.
Each and every one of our customers is assigned a personal Business Specialist. You have their direct phone number and email. Have questions? Just call your personal Business Specialist. No need to wait in a pool of phone calls.
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