What is an LLC Annual Report?

Imagine you’ve formed your Limited Liability Company and started running your business. Everything’s going great — but just like a car needs regular servicing, your LLC needs routine updates to stay compliant with the state.

That’s where the LLC annual report comes in.
A limited liability company annual report is a mandatory business report that must be filed with the state — usually every year — to confirm your company’s basic information. This includes your business address, members or managers, and your registered agent. Think of it as a simple information report that helps keep your business in good standing.

The annual report of a company is not about your financials (like a corporate earnings report). Instead, it’s more of an annual business report required by the Secretary of State LLC renewal process.
Whether you're trying to renew your LLC, file an annual report, or just understand what is an annual report, it’s a key compliance step that ensures your business can continue operating legally. Some states call it a company yearly report, while others might refer to it as part of the annual report renewal for LLC process.

At Buykii, we help you renew your LLC online with ease — no paperwork headaches, no missed deadlines.

Who Needs to File an Annual Report?

Whether you're running a small local company or a growing national business, many entities are legally required to submit an LLC annual report or business report—depending on their structure and state rules.

Entities Usually Required to File Reports:
Single-member LLCs and multi-member LLCs
S Corporations
C Corporations
Nonprofit organizations

If your business falls into one of these categories, your state likely expects you to complete an annual report filing to stay compliant. This step helps maintain your company’s active status and ensures all your business info (like address and ownership) is up to date.

Are There Exceptions?
Yes — some businesses do not need to file an annual report at all.

You’re typically exempt from this requirement if:

Your business is not legally required by the state to submit an annual update.

Your business structure is one that doesn't involve reporting requirements.

Business Types That Are Usually Exempt:
If you’re a sole proprietor or operating a general partnership, you usually don’t need to worry about filing an annual report. That’s because these entities aren’t separate legal structures in the eyes of the state — so they often avoid this type of paperwork altogether.

Do All States Require Annual Reports?
Not necessarily. While most states do, there are a few exceptions.

New Mexico and Ohio typically don’t require LLC annual reports at all. Some states, like New York or Indiana, don’t require yearly reports but instead ask you to file every two years (known as a biennial report).

⚠️ What Happens If You Don’t File an Annual Report?

Let’s imagine you’re running your business, things are busy, and you forget to file your LLC annual report. You might think it’s just a small form — but the consequences can be serious.
Skipping your annual report filing means your limited liability company is no longer staying compliant with state law.

Here’s what can happen:
Late Fees Add Up Most states charge a late fee if you don’t submit your annual business report on time. These can range from $25 to over $400 depending on your state.

Loss of Good Standing
Your company may lose its good standing status, which can prevent you from:
Getting business licenses
Opening business bank accounts
Signing contracts with partners

Administrative Dissolution
To renew your LLC, many states require your business report to be filed first. If you’re behind, it delays everything else.

Don’t Risk It — Let Buykii Help