Annual reports are business data & information to be update annually about their most recent profits, cash flow, operations and other activities. It provides US state authorities entire information regarding the director’s names and addresses etc for due diligence and must be up to date according to the legislation.
The purpose of filing an annual or biennial report is to provide the jurisdiction with current information on the company's structure (officers, directors, members, registered agent, etc.) and finances (authorized shares, issued shares, stated capital, paid in capital, etc.)
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The cost of filing an annual report varies depending on your business structure and where the company is located. It’s generally most expensive for foreign corporations, and they face slightly greater penalties for missing their due date. The filing fees are as follows:
The Division of Corporation makes paying the required fees and entity taxes easy, and they offer a number of options. This includes paying via a credit card (Visa, Master Card, American Express, or Discover) or a checking account. If the transaction is more than $5,000, you must pay via electronic payment (ACH Debit).
Deadlines for the Delaware annual report vary based on the type of corporation. It also depends on whether you’re operating your business inside or outside of the United States. LLCs have no annual reporting requirement, but must pay the annual flat tax of $300. Per Delaware statute, the due dates are as follows:
Sometimes a due date slips our minds and we end up filing late. Delaware has some intense late fees if your annual report and tax aren’t paid or filed for long enough. Again these vary based on the type and location of the business entity:
If you don’t wind up filing your annual report at all, you’ll risk your company’s good standing. In some cases, your business may be voided, and you’ll have to file additional paperwork and pay your unpaid tax balance and the associated penalties before your company is reinstated. This may include filing a Certificate of Revival, which comes with fees ranging from $169 to $200+ depending on whether you’re operating as an LLC or corporation.