Cost Breakdown in Creating an Annual Report
A formal 16-page typical annual report can cost anywhere from $7,500 to $20,000.
Having staff take care of internal coordination and writing can lower these costs from $4,500 to $10,000.
Hiring a design agency to design your annual report ranges from $5,000 to $12,000.
An annual report with custom photography could cost $10,000 to $20,000.
What is an Annual Report?
An annual report is a comprehensive document providing information about a company’s financials, operations, and activities.
It includes financial statements, management discussion and analysis, a letter from the CEO, company strategies and objectives, achievements and challenges, and other relevant data.
Essential Components of an Annual Report
At its most basic, an annual report includes:
- a general description of the industries the company is involved in
- audited financial statements
- market price of the company’s stock and dividends paid
Filing Annual Reports and Fees
An annual report must be filed each year by April 1. To submit an annual report in New Hampshire costs $100 if submitted on paper, $85 if filed electronically. Most LLCs are pass-through tax entities.
Who Needs to File an Annual Report in NH?
The state requires all corporations, LLCs, and LLPs to file each year. Nonprofits file every five years.
Creating an Effective Annual Report
Start by collating useful data to engage readers.
Use software wisely for distribution. A PDF doesn’t show how much is read. Be selective in creating it for a better impact.
Consequences of Not Filing
State dissolves your LLC, pay fees and taxes owed plus late penalties.
Filing fees vary, from $10 to hundreds of dollars. Check department and secretary of state websites for costs.
Key Elements of an Annual Report
For public firms, annual reports typically include:
- a letter to shareholders from the CEO
- a business and industry overview
- audited financial statements (balance sheet, income statement, statement of cash flows)
- explanatory notes
Maintaining Compliance
Staying current with annual report obligations is vital for LLCs.
Most states will dissolve non-compliant companies and impose fees and penalties until resolved.
Update Company Information
Reports update officials’ names, registered agent address, and business activities – keeping state records up to date.
Failing to file risks dissolution. Many states levy charges for late reports until remedied. Stay compliant with due dates and requirements.