Your First Annual Report: What It Is & How to File It On Time.

Starting a business is exciting—but staying compliant is just as important as launching. One of the first (and most commonly overlooked) compliance tasks for new business owners in the USA is filing the Annual Report. Whether you’re running an LLC or a Corporation, your state likely requires you to submit this document to remain in good standing.

In this blog post, we’ll walk you through what the Annual Report is, who needs to file it, deadlines, penalties for missing it, and how iFiler can help you file your first report—accurately and on time.

What Is an Annual Report?

An Annual Report is a mandatory filing that provides the state with up-to-date information about your business. It ensures that your company’s records are current and legally recognized.

The report usually confirms basic company details such as:

• Legal business name

• Principal office address

• Mailing address (if different)

• Names and addresses of members, managers, or directors

• Registered agent details

• Business activity (in some states)

It is not the same as a federal tax return. The Annual Report is submitted to your state government, not the IRS.

Why Annual Reports Are Important

Annual Reports serve three main purposes:

1. Legal Compliance
   Filing keeps your company in “good standing” with the state. Without it, your business risks penalties or administrative dissolution.
2. Public Record Accuracy
   States maintain public records about registered businesses. The Annual Report helps ensure your company’s data is accurate and searchable.
3. Maintaining Authority to Operate
   Some states require proof of good standing before you can apply for loans, renew business licenses, or sign contracts. Filing your report helps maintain your legal and operational status.

Who Needs to File an Annual Report?

The requirement to file an Annual Report depends on:

• Entity type: Most LLCs and Corporations must file it.

• State: Each state has its own rules, deadlines, and fees.

LLCs:

• In most states, LLCs must file either an Annual or Biennial (every two years) Report.

• Single-member and multi-member LLCs both fall under this rule.

Corporations:

• C-Corps and S-Corps must generally file Annual Reports or “Statements of Information” to keep their corporate records active.

Even if your business didn’t earn revenue or remained inactive, you must still file your Annual Report if your entity is active.

When Is Your First Annual Report Due?

Your first Annual Report is usually due:

• Within the first year after registration

• On a specific date (e.g., April 1st) or anniversary of formation

• Sometimes by the end of the calendar year (especially in states like Florida)

Examples:

• Florida: Due every year by May 1st

• California: First report due within 90 days of formation, then annually

• Delaware: Corporations report by March 1st; LLCs pay a flat annual tax by June 1st

• Texas: Franchise Report due May 15th annually

Note: Dates and rules vary by state. Always check your state’s specific deadline—or let iFiler track it for you.

What Happens If You Miss the Deadline?

Missing your Annual Report deadline can lead to serious consequences, including:

• Late fees: Some states charge $25–$400 for late filings.

• Administrative dissolution: The state can shut down your business for non-compliance.

• Loss of good standing: You may not be able to open business bank accounts, get funding, or sign contracts.

• Legal issues: Operating while not in good standing could result in personal liability or contract disputes.

Reinstatement is possible, but it’s often more costly and stressful than filing the report on time.

How to File Your Annual Report

The filing process is usually simple but can vary by state.

Step-by-Step Overview:

1. Check Your Due Date
   Look up your state’s business website or contact iFiler for a compliance review.

2. Gather Required Information

   • Business name

   • Business address(es)

   • Registered agent information

   • Names of members/managers (LLC) or directors/officers (Corporation)

3. Submit the Report Online
   Most states allow online filing via the Secretary of State’s website.
4. Pay the Filing Fee
   Fees range from $10 to $300+, depending on the state and entity type.
5. Save Confirmation and Receipts
   Always keep a copy of your submission for records or legal proof.

✅ Don’t want to deal with this every year? iFiler offers Annual Report Monitoring & Filing so you never miss a deadline again.

Annual Report vs Franchise Tax

Many business owners confuse Annual Reports with Franchise Tax filings.

• Annual Report: Keeps your entity’s record active with the state.

• Franchise Tax: A tax or fee required to operate as a registered business in certain states (like Texas or Delaware).

Some states require both—others combine them into one filing. iFiler can guide you based on your state’s rules.

How iFiler Helps You Stay Compliant

At iFiler, we help you:

• Track your state-specific deadline

• Prepare and file your Annual Report accurately

• Update your business info (e.g., address or member changes)

• Avoid penalties and maintain good standing

• Bundle report filing with your federal tax services

We serve both U.S. residents and foreign business owners who operate LLCs and Corporations in the U.S.

Final Tips for New Business Owners

• Mark your Annual Report deadline on a calendar

• Keep business records organized and updated

• Use a Registered Agent service to stay in good standing

• Consider setting up automatic reminders or compliance tools

Conclusion: Don’t Let Paperwork Shut You Down

Filing your first Annual Report may seem minor—but missing it can lead to major headaches. It’s your responsibility as a business owner to stay compliant with your state’s requirements. The good news? You don’t have to do it alone.

Let iFiler take care of the details so you can focus on running your business with confidence.

✅ Ready to File?