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The mandatory procedure to keep your company open. Avoid costly fines and ensure your LLC continues to legally exist with the state.
The Annual Report (or Franchise Tax in states like Delaware) is a mandatory update you must send to the Secretary of State every year. It serves to confirm that your company remains active, update the address and the names of members or directors.
Not to be confused with federal tax filing (IRS). This is a state procedure. Paying taxes does not replace the Annual Report, nor vice versa. You need both.
If you forget to file this report before the deadline (e.g., May 1st in Florida), the state will impose an automatic fine ($400 USD in FL).
If more time passes, the state will declare your company "Inactive" and proceed to close it administratively. This freezes your bank accounts and you lose legal protection over your personal assets.
Filing your report on time grants you the Certificate of "Good Standing", vital for:
Entities like Mercury or Chase periodically review your company's status. If you are not in Good Standing, they can block your account.
Suppliers and investors will demand proof that your company legally exists before signing any agreement.
Dates vary depending on where you registered your company. Here are the most common:
| State | Entity | Deadline | Late Fee |
|---|---|---|---|
| Florida | LLC / Corp | May 1st | $400 USD |
| Delaware | LLC | June 1st | $200 USD + Interest |
| Delaware | Corporation | March 1st | $200 USD + Interest |
| Wyoming | LLC / Corp | 1st day of anniversary month | Closure Risk |
| New Mexico | LLC | Not required (generally) | - |
*Official state fees are not included in our service fee and vary each year.
We simplify the business formation process so you can operate legally in the United States from anywhere in the world.
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We simplify the business formation process so you can operate legally in the United States from anywhere in the world.
