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Annual reports are essential to keep your LLC or corporation in good standing.
> What is an Annual Report? > Annual Report FAQs> Existing CT customers, click here to file your annual report
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Almost every state requires annual reporting to keep track of LLCs and corporations operating within its borders. While the forms typically call for basic information, they can be time-consuming and cryptic, especially if you do business in multiple states. CT files your reports to every state spec, helping you to avoid the harsh penalties associated with tardiness and inaccuracies.
If you form a business entity with the state, you may be required to file periodic reports on the status of your entity to preserve your good standing and state registration. Each state has its own rules, and the rules may differ based on entity type. The following chart highlights the frequency and due dates for these state annual reports for five entity types.
*Information current as of August 1, 2016.
Before January 2
Before January 2
No statutory provision.
Before July 2
* Entities operating on a fiscal year basis other than a calendar year may have a different due date.
** This state allows certain business entities to select their own due date.
- All reports are due on an annual basis, unless otherwise indicated
- Due dates marked as “Anniversary” refer to the anniversary date of the entity’s organization or qualification in that state
- Limited Liability Partnerships may owe an annual report, a registration renewal or both. States with renewal requirements are designated as Renewal in the chart below.
- Information Current as of August 1, 2016. This chart is not intended to provide legal advice. The following information is provided as general guidance.
Despite what the name suggests, this is not a tax imposed on franchises. Rather, a franchise tax is imposed on businesses basically for the mere privilege of being incorporated or registered to transact business in that state. The method for calculating franchise tax varies by state. Common methods include:
Number of outstanding shares of corporate stock and the par value of those shares
Combination of above
Due dates for a company’s annual report and franchise tax vary by state. Many states have due dates tied to the anniversary date, making them due in the same month in which the business was incorporated or foreign qualified. For example, if an LLC was formed February 15th, the due date for that LLC’s annual report and franchise tax would be February of each year. Other states choose one date that the annual report and/or franchise tax is due. This may be consistent for all business types or it may vary by business type. One example is Delaware: annual reports and franchise taxes for corporations are due March 1st and the due date for LLCs is June 1st.
Keep in mind that some states also have initial reports that corporations and/or LLCs must file shortly after incorporation. The initial list collects the data that businesses are not required to include in their incorporation documents (such as names and addresses of company management). Initial reports also typically have a state filing fee.