Annual Report – Bent Enterprise

What You Need To Know About Annual Reports.

Preparing a report with regards to performance and other minor affairs is necessary, to keep the government in the loop about changes in your business. Annual reports are flied once a year,  in founding state of the business. Not all states are mandated to provide an annual report; Mexico for instance does not request for annual reports from relatively new business structures (LLC), but corporate organisations are mandated to file one biennially and non-profit-making organisations annually.

The Inner Workings of Annual Reports

As previouslystated, the government needs to have an idea of how your business has performed throughout the year. This involves including details about any gain or losses incurred, up to date statistics on the mission/ vision statements and mode of business operations. The report should also include information for people looking to invest in your business; For instance, statistics on current growth and a future projectile of what is expected.  Changes such as location, management and type of service offered which might have occurred during the year should also be a part of the report.

The Persons In Charge Of Filing an Annual Report

Businesses are required to file a complete annual report every year. This is dependent on states, as some states have different rules to this. The state keeps up with various business owners by sending them letters or mails, reminding them to file a report before the deadline.Since there are states with different rules concerning filing reports, it is necessary that you carry out a complete research to avoid errors.

The Deadlines for Submission of Filed Reports

Some states such as Delaware and Florida predetermine the due date for annual reports. For other states, the deadline is set the year the business is formed; for instance, starting up a company on October 15, 2016 would mean your annual report would be due on October 15, 2017. Some states ask for reports once in two years (biennial). These states are Arkansas, Washington D.C, Iowa, New York, Ohio, and Nebraska. Some states have more than one regulation for report filing; New Mexico (annual for non-profit organizations, biennial for corporations, LLCs don’t file), Indiana (annual for non-profit organizations), California (annual for corporations, biennial for LLC)

The cost effectiveness of filing an annual report

This varies from state to state. The fee is usually between $50 and $400. Some states charge franchise tax when the report is being filed. This is dependent on the value of the business’s estate owned in the state as well as the number of business transactions carried out within the period of six months to a year. The range can be anything from $50 to $800.

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