Business Basics: Initial and Annual Reports/Statements of Information

Welcome to our weekly Business Basics post! In case you missed last week’s entry to the series, we are dedicating every Tuesday to helping explain the facets and aspects of starting and running a business that typically get overlooked.

Initial and annual reports (also known in some states as Statements of Information), while not particularly glamorous, keep your business in good standing. Plus if you misfile them, or file them late, your corporation or LLC could be slammed with fees, or even dissolution. Two things that you clearly want to avoid. But what are these reports, and what are they supposed to say?
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Thumbtack.com’s Friendliest States for Small Business

Ever wonder what states are the most business friendly? Or which ones have the most transparent steps to creating a registered business?

Thumbtack.com:
Linking local service professionals to potential customers

A quick Google search will reveal a myriad of studies, articles and opinions on that very question. But Thumbtack.com, in partnership with the Kauffman Association, actually interviewed over 6,000 small business owners to see where individual state ranked in terms of business friendliness. And they uncovered some extremely interesting facts. For example, there were substantial difference between how supportive men and women thought certain states were; women entrepreneurs in Iowa were half as likely to rate their state as supportive of them as men were. And small business care almost twice as much about licensing regulations as they do about tax rates when ranking their state! Continue reading