What are your annual reporting requirements as a small business? Hint—they vary by state. And, yes, an annual report and a Statement of Information are two names for the same document. Know what you're responsible for producing.
Ready to start your business? Plans start at $0 + filing fees.
by Belle Wong, J.D.
Belle Wong, is a freelance writer specializing in small business, personal finance, banking, and tech/SAAS. She .
Updated on: April 10, 2024 · 3 min read
Because a Statement of Information is sometimes called an annual report, there is often some confusion among small business owners about what a Statement of Information actually is. Unlike the annual report required of publicly traded corporations by the Securities and Exchange Commission, a small business needs to file a Statement of Information only if it is required to do so by the state in which the business is located.
The information that must be provided in a Statement of Information will vary, depending on the regulations of the state that requires it. Typically, a Statement of Information will need to provide information about the business's registered agent and its management or officers, as well as the business's place of business and mailing address.
Because the reporting requirements will vary by state, it may be helpful to explain the requirements of a single state as an example. In California, both corporations and LLCs are required to file a Statement of Information. The California Secretary of State offers additional relevant details and the form for the Statement of Information.
Continuing with the example, LLCs and corporations in California are required to file a Statement of Information with the California Secretary of State at specific times.
Continuing with the example, in order to file a Statement of Information, LLCs and corporations in California must have either active status, or be suspended or forfeited. (Additional information for resolving a suspended or forfeited status can be obtained from the California Secretary of State's website.) If your business is located in California and you are unsure of its status, you can search for this information on California's Secretary of State Business Search page.
The fees charged for the filing of a Statement of Information for either an LLC or a corporation will vary, depending on the regulations set out by the state that requires the filing. Additionally, you should be able to obtain a copy or copies of a filed Statement of Information and, in such cases, copying fees will likely apply. If a certified copy is required, you can expect to pay a certification fee. The amounts of these fees, like the filing fees, will vary from state to state.
Knowing whether you're required to file an annual report or Statement of Information with the state in which you operate is critical to your business success. You may want to consult with an attorney or you can file a statement of information online.
Find out more about Managing Your BusinessThis article is for informational purposes. This content is not legal advice, it is the expression of the author and has not been evaluated by LegalZoom for accuracy or changes in the law.
You may also like
'Inc.' in a company name means the business is incorporated, but what does that entail, exactly? Here's everything you need to know about incorporating your business.
October 9, 2023 · 10min read
Estate planning is an important step to protect your legacy and provide for your loved ones, no matter what your situation in life.
April 3, 2024 · 4min read
A power of attorney can give trusted individuals the power to make decisions on your behalf—but only in certain situations.
August 29, 2024 · 20min read
