Most states require limited liability companies (LLCs) and corporations to submit some form of ongoing business entity filing. While many states require these filings annually (i.e., “annual reports”), several require these types of reports biennially (every two years) rather than every year.
A biennial report allows the state’s Secretary of State office (or comparable government office) to keep up to date with a company’s vital information. States also require that businesses pay a fee when submitting the filing.
States set the due dates by which businesses must file their biennial reports. The filing schedules vary by state, and failure to submit the reports on time can result in penalties and late fees.
Business owners should stay on top of their due dates to avoid the worst-case scenarios that no entrepreneur wants to encounter. If a business fails to file its biennial report, the entity could be subject to suspension or administrative dissolution. In other words, the state would no longer consider the company a legal business entity. As a result, the business owner would lose all personal liability protection afforded by being an LLC or C corporation.
States with Biennial Reports
Below, I’ve listed the states that require biennial reports and broken this out by business entity type. I’ve also included their filing deadlines.
Corporations
- Alaska – Due January 2
- Iowa – Due April 1 (in even years)
- Indiana – Report called a Business Entity Report, Due the last day of the entity’s formation anniversary month
- Nebraska – Report called a Biennial Occupation Tax Report, Due March 1 (in even years)
- New Mexico – Due the 15th day of the 4th month after the close of the fiscal year
- New York – Due the last day of the entity’s formation anniversary month
- Washington DC – Due April 1
LLCs
- Alaska – Due January 2
- California – Report called a Statement of Information, Due the last day of the entity’s formation anniversary month (Statement of Information)
- Iowa – Due April 1 (in odd years)
- Indiana – Report called a Business Entity Report, Due the last day of the entity’s formation anniversary month
- Nebraska – Report called a Biennial Occupation Tax Report, Due March 1 (in odd years)
- New York – Due the last day of the entity’s formation anniversary month
- Washington DC – Due April 1
Note that among the states listed above, California (LLCs and corporations) and New Mexico (corporations) also require businesses to submit initial reports right after they have formed their entities (usually within 90 days of registration). Initial reports contain information that’s similar to what’s requested in the ongoing biennial reports.
Because states’ rules vary and changes might occur over time, it’s essential that entrepreneurs check with the agency that oversees their state’s business compliance matters to confirm requirements and deadlines.
Information Requested in a Biennial Report
Biennial report filings collect similar types of information as annual reports do. The requested details vary depending on the state. The points below are some examples of what a state might ask for on its paperwork.
- Name of the LLC or corporation
- Address of the business’s principal location
- Registered agent name and address
- Names and addresses of the LLC’s members and managers
- Names and addresses of the corporation’s officers and directors
- Type of business activity the company conducts
How to File a Biennial Report
Filing a biennial report involves completing the state’s form and submitting it, along with paying any applicable filing fees. Most states provide their forms online (either on their website or via a business portal) so that business owners can input their information and submit it electronically, along with their payment.
Most forms are relatively simple and straightforward. However, if a business accidentally makes any errors on its form, it can delay approval of the filing and result in additional fees.
To avoid mistakes and confusion, I suggest asking a trusted partner, like CorpNet, to handle completing the paperwork and submitting biennial reports for you. We handle this as part of our annual report service offering.
How Long Does It Take for a State to Approve the Filing?
States’ processing times vary. At CorpNet, we recommend that business owners reach out to us two to four weeks before their reports are due. However, we know that time has a way of getting away from people, so, when necessary, we can expedite the filing process for completion in one to two weeks.
How Much Does It Cost to File a Biennial Report?
The state fees for filing biennial reports vary by state and the type of business entity. Costs range from $9 to $300, with most states falling somewhere near the lower end of the range.
Note that usually there will be a service charge, too, when using an attorney or other third party to complete and submit a biennial report. At CorpNet, we believe it’s important to keep our filing services affordable for business owners so that they get peace of mind and maximal value.
How to Keep Track of Due Dates
Busy entrepreneurs may find it challenging to keep tabs on when their biennial reports and other essential compliance filings are due. As a business owner myself, I understand the challenges of juggling multiple responsibilities! To take the hassle out of keeping track of what your business needs to file, I encourage you to create a free CorpNet account and use our compliance portal. The free portal allows you to set up timely notifications as important deadlines for your business approach.
Our compliance portal allows you to monitor requirements and deadlines for one or multiple businesses.
- Annual reports
- Biennial reports
- Tax deadlines
- Business licenses and permits
Complete Your Filings With Confidence
My team at CorpNet is here to ensure your biennial reports and other business filings are completed correctly, on time, and as affordably as possible. We handle preparing and filing compliance paperwork for companies throughout all 50 states, and we’re here to assist you, too. Save precious time and have confidence in the accuracy of your filings. Contact us today!
