Key Elements of an Annual Report

What is the purpose of an annual report? An annual report is a simple document that verifies certain facts about a business, such as its current mailing address and the names of its directors. These reports are filed with the relevant state agency and made available for public inspection. They should not be confused with the more elaborate and detailed financial reports—also sometimes called “annual reports”—that businesses use to disclose company information to shareholders, and must be filed with the U.S. Securities and Exchange Commission (SEC).

In general, annual reports are required for corporations and limited liability companies (LLCs). Other business structures may fall under this requirement as well, depending on jurisdiction. Sole proprietorships, general partnerships, and other organizations that do not need to register with the state are usually exempt. 

It is important to understand that the specific contents of an annual report and its filing schedule are determined by the regulatory body of each state. Never assume that the rules and requirements of one state will necessarily apply in another.