Annual Report Filings: What Business Owners Need to Know

Every year, business owners miss a filing deadline and don’t think twice about it. Nothing happens right away, so it feels like no big deal. But failing to file an annual report can quietly put your business at risk, from penalties and late fees to losing good standing or even administrative dissolution. And the fix isn’t always quick or easy.

What Is an Annual Report, and Who Needs to File?

An annual report is a filing that keeps your business information current with the state. It typically includes your business address, names of officers or members, and a registered agent. Most for-profit corporations and LLCs must file one yearly, though the exact rules vary by state. Filing ensures the state knows you’re still active and operating properly.

Even if your business had no activity during the year, you may still be required to file. Some states also require filing fees. And while it might feel like nothing more than a box to check, skipping it can trigger avoidable issues down the line.

When to File: PA, NY, CT, and NJ

The deadlines and requirements for annual reports differ by state. Temple Law serves businesses in Pennsylvania, New York, Connecticut, and New Jersey. Here’s a breakdown for those particular states:

• Connecticut: All corporations and LLCs must file annual reports. The deadline for LLCs is March 31st, and for Corporations, the report is due on the anniversary of the business’s formation.

• New Jersey: All corporations and LLCs must file annual reports, which are due in the anniversary month of the business’s formation. Filing can be done online through the Division of Revenue and Enterprise Services.

• New York: Domestic and foreign corporations must file a biennial statement with the Department of State every two years. The filing is due during the calendar month the corporation was formed.

• Pennsylvania: For-profit corporations must file an annual report by June 30th, while LLCs must file by September 30th.

  
  

A comprehensive guide to annual filings in all 50 states can be found here.

What Happens If You Don’t File?

Failing to file your annual report can lead to late fees, penalties, and eventually the loss of your good standing with the state. Once that happens, it can be harder to get financing, renew licenses, or enter into new contracts. In some cases, the state may even administratively dissolve your business. That means you’d have to go through a reinstatement process, which usually costs more, takes more time, and may require you to file missed reports and pay any outstanding fees..

This is especially important if you’re planning a transaction. Lenders and buyers will request proof that your entity is active and in good standing. A missing report can slow things down or even derail a deal.

It Pays to Stay Current

Annual reports don’t take long to file, but they matter. Staying current shows that your business is organized, accountable, and aware of legal obligations. It also helps you avoid the stress and cost of correcting a missed filing later.

At Temple Law, PLLC, we work with clients who want things done right the first time. We help business owners keep filings on track with simple, reliable legal support that makes compliance easier. If you want help maintaining your good standing without added hassle, contact our team today.