Annual Reports and Franchise Taxes

An annual report for an LLC or corporation requires certain information about the company, which varies by state. Commonly requested details include the following:

• The principal business address.
• The names and addresses of the management of the business (directors and officers for corporations, members/managers for LLCs).
• The name of the registered agent and the address of the registered office.
• In some cases, the number of shares of stock a corporation has issued is also required.

On the other hand, a franchise tax is imposed on businesses for the privilege of being organized or registered to transact business in that state.