Annual or biennial reports are required by law and must be filed with the Department of State in the state of formation, where the company transacts business. They are also called annual statements or statements of information in different states. Failing to file the reports the company becomes inactive, risks undergoing an administrative dissolution and will no longer be in good standing. The company can also incur in high late fees for the filing on time or even be in the obligation of reinstating the business in order to continue transacting business. The company must take note of the date when their annual or biennial reports are due to avoid these consequences.

The purpose of the annual report is to confirm or update the company records with the DoS and maintain an active status.

You can take advantage of your upcoming report and make certain updates on the company information.

Depending on the state, an annual or biennial report allows you to:

• Add, delete, or change the names and/or addresses of the officers, directors, managers, authorized members.
• Change the registered agent and registered office address.
• Change the principal office address and mailing address for the entity.
• Add or change the federal employer identification number.

An annual report doesn’t allow you to change the name of your business.

Annual and biennial reports can be filed online with the Department of State. The fees and processing times vary by State.