Categories: Business Basics

Initial Reports/Statements of Information and Annual Reports

An Initial report (also known in some states as Statements of Information), while not particularly glamorous, is sometimes required in order to keep your business in good standing. If you file your initial report late or forget to file altogether, your corporation or LLC could be slammed with fees, or even involuntary dissolution of your business, two things that you clearly want to avoid. But what is an initial report, and what information are they supposed to contain?

What is an Initial Report?

Initial reports are exactly what they sound like – reports filed at the beginning of the formation of a Corporation or LLC, or shortly thereafter. Different states have different requirements, but the basic information included in an initial report for any state is typically the same. The initial report usually needs to name a registered agent and provide that agent’s primary address, along with the address of the business. It will usually also require that you list the names, and in some cases addresses, of any officers, directors, and/or members of the new entity. Finally, it needs to disclose what the business actually does.

Which states require an initial report?

As of 2018, only ten states require new Corporations and LLCs to file an initial report: Alabama, Alaska, California, Connecticut, Georgia, Missouri, Nevada, New Mexico, Oklahoma, and Washington. For this reason, business owners in this state commonly overlook this requirement.

What is an Annual Report?

Filing requirements for annual reports vary from state to state. Ohio, for example, does not require any business entity to file an annual report, and LLCs are excused from filing in Delaware. The term “annual report” can sometimes be a bit confusing as well, because in some states like New York and Indiana, your report is filed biennially.

Each state has its own requirements and deadlines, which makes summarizing annual report requirements a bit difficult.  When you do file, just make sure you check with your state’s Secretary of State or Division of Corporations so you know what is expected. Typically, annual reports are just used to keep the information that the state has on your company current, and so the state will likely ask for the same things that initial reports do. But, again, every state is different, so be sure to check your state’s website. We can also file an annual report for your business as well, and we’ll ensure your business meets all of its formation requirements.

Most of the confusion surrounding initial reports and annual reports stems from the different requirements from state to state. Just be sure to know when you need to file by in order to avoid late fees and, before sending it in, double check the form to make sure all of the information is correct.

Deborah Sweeney

Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With extensive experience in the field of corporate and intellectual property law, Deborah provides insightful commentary on the benefits of incorporation and trademark registration. Education: Deborah received her Juris Doctor and Master of Business Administration degrees from Pepperdine University, and has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in corporate and intellectual property law. Experience: After becoming a partner at LA-based law firm, Michel & Robinson, she became an in-house attorney for MyCorporation, formerly a division in Intuit. She took the company private in 2009 and after 10 years of entrepreneurship sold the company to Deluxe Corporation. Deborah is also well-recognized for her written work online as a contributing writer with some of the top business and entrepreneurial blogging sites including Forbes, Business Insider, SCORE, and Fox Business, among others. Fun facts/Other pursuits: Originally from Southern California, Deborah enjoys spending time with her husband and two sons, Benjamin and Christopher, and practicing Pilates. Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Deborah, and MyCorporation, have previously been honored by the San Fernando Valley Business Journal’s List of the Valley’s Largest Women-Owned Businesses in 2012. MyCorporation received the Stevie Award for Best Women-Owned Business in 2011.

Recent Posts

Sole Proprietorship vs LLC: Which is Right for You?

What is a Sole Proprietorship? How do you know which entity you should choose for…

1 week ago

3 Ways to Help Your Business Operate More Efficiently

It’s easy to get into the daily grind of business operations and get caught up…

4 weeks ago

The Importance of Building a Team: Why You Need the Right People

Everyone has great ideas. Lots of people even have a great product. But the difference…

2 months ago

Digital Marketing Strategies to Help Your Business Win in 2025

With every new year comes new challenges and new opportunities for your business. 2025 is…

2 months ago

Understanding New Tax Laws and Regulations

There have been many articles and news outlets discussing the change in tax laws and…

2 months ago

Articles of Incorporation vs. Articles of Organization: What’s the Difference?

The incorporation process requires filing certain documents. This paperwork allows entrepreneurs to form a corporation…

3 months ago