Annual Report is also known as Statement of Information and Biennial Statement. All profit and non-profit corporations (domestic and foreign), as well as all limited partnerships, limited liability companies, and limited liability partnerships must submit annual reports and associated processing fees each year following their dates of incorporation/registration with their respective secretary of states. Annual report filing is a prerequisite for maintaining an active business status.
Every entity must submit an Annual Report once a year. Failure to submit a properly- completed form on or before the due date subjects the entity to being administratively dissolved or having its authority to transact business revoked. In many states dedicated Commission will send only one postcard notice reminding the corporation of the due date. Monetary penalties will be assessed for late-filed Annual Reports, pursuant to Article/Business Act of that particular state in which corporation is being operated. Penalties begin accruing the day after the due date.