An annual report is a comprehensive document that businesses file annually or biennially to secretaries of state to report their operational and financial activities. It typically includes details about the company's assets, liabilities, revenue, expenses, and compliance status across jurisdictions. This report is crucial for maintaining corporate transparency and fulfilling regulatory requirements in the areas where the business operates.

Annual reports provide a formal overview of a company's financial and operational status to regulatory bodies, shareholders, and other stakeholders. They ensure transparency, maintain compliance with legal requirements, help track the company's annual performance, and support strategic planning and decision-making for the upcoming year.

Yes, most companies are required to file an annual report with their respective state or regulatory bodies. This requirement varies by jurisdiction and company type but is generally mandatory to maintain good standing, ensure compliance, and keep the public informed about the company's financial health and corporate governance.

If your company does not file an annual report, it may face consequences such as penalties, fines, or loss of good standing with the state. This could lead to restrictions on doing business, inability to enter into legal contracts, and even administrative dissolution of the company.