Don't Forget to File Your Annual Report

It's that special time of year where suddenly we're careening towards April 15. Engaged a trusted CPA? Check. Looked over the books and expenses for the last year? Check. But wait! There's one more important deadline for Tennessee businesses and business owners: the deadline by which you must file your annual report.

What is Your Annual Report?

You annual report is a simple report on your activities for the past year. If you have any updates to make (for example, a change of address, the number of members in an LLC, or a new registered agent), the annual report provides you with the ability to update the Tennessee Secretary of State's Office. For-profit corporations, non-profit corporations, limited liability companies (or "LLCs"), and domestic limited liability partnerships can all file their annual reports online, here. The Secretary of State's website provides helpful how-to videos on the topic, too.

What's the Deadline?

The deadline to file is April 1 (NOT the 15th!). If you've formed a business entity in the last year, take a look at the filing acknowledgement you received when you formed the entity -- some entities may not  need to file an annual report until April of the next year (so, April 2018).

What If I Don't File?

If you don't file, the business entity will be changed to "inactive" status and subsequently administratively dissolved. This means the entity will still exist but it may not carry on any business except to liquidate the business, close, and notify any claimants or creditors.

Happy filing!