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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
Your quote depends upon both your business type and the states in which you do business.
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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.
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
Chances are, yes. Nearly every state requires an annual information report from every corporation and LLC that operates under its jurisdiction. Your company is required to file in the state where you first formed as well as in every other state where you’re registered to do business.