What Is A Biennial Statement (Explained: All You Need To Know)

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What does a biennial statement mean in simple terms?

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What Is A Biennial Statement

A biennial statement is a legal document that corporations and limited liability companies are required to file every two years with the state requiring such a report. 

Most states in the United States require an annual report to be filed whereas some states require the reports to be filed every two years (hence, biennial).

In essence, by filing your biennial report, the Secretary of State or the equivalent state agency is kept up to date with your company’s information.

Why File A Biennial Report

The main objective of a biennial report, or biennial statement, is to provide the state where the company is registered with the latest and most up-to-date information regarding your business entity.

Typically, biennial statements include the following information about your business entity:

• Your company name
• Your company address
• Your Department of State ID Number (DOS ID)
• Name of your directors and officers
• Your registered agent’s name
• Your registered agent’s address
• Your company’s nature of business 

When To File Biennial Statements

Every state sets the deadlines and requirements for the filing of their annual or biennial reports.

If your company was registered in a state where a biennial report is required, you’ll need to file your “biennial statement” every two years.

In many cases, the filing of your statement is either linked to the anniversary of your company’s formation or specific deadlines established by the state for all business entities.

You’ll need to see what are the applicable filing deadlines for your state, in particular, to avoid falling out of good standing, having to pay penalties, and late fees.

How To File Biennial Statements

Filing biennial statements typically require that you complete the necessary biennial statement form or submit your filing electronically.

In most states, you’ll have the business registry publish the required statement on their website or provide you with an online business portal where you can submit your biennial statement online.

Along with the submission of your forms or electronic application, you’ll need to pay the applicable filing fees.

In general, it’s quite simple to file a biennial statement.

The actual content of the statement is pretty straightforward.

Where it may get challenging for companies is to forget that they have to file a biennial statement.

States Requiring Biennial Statements

Here is a list of states requiring biennial reports for both corporations and limited liability companies.

The states require biennial statements for corporations are:

• Alaska: Due on January 2
• Iowa: Due on April 1 of every even year
• Indiana: Due on the last day of your entity formation anniversary month (their biennial statement is called Business Entity Report)
• Nebraska: Due on March 1 (their biennial statement is called Biennial Occupation Tax Report)
• New Mexico: Due on the 15th day of the 4th month after the close of your company’s fiscal year
• New York: Due on the last day of your entity formation anniversary month
• Washington DC: Due April 1

The states require biennial statements for limited liability companies are:

• Alaska: Due on January 2
• California: Due the last day of your entity formation anniversary month (their biennial statement is called Statement of Information)
• Iowa: Due April 1 of every odd year
• Indiana: Due on the last day of your entity formation anniversary month (their biennial statement is called Business Entity Report)
• Nebraska: Due March 1 of every odd year (their biennial statement is called Biennial Occupation Tax Report) 
• New York: Due on the last day of your entity’s formation anniversary month
• Washington DC: Due on April 1

Note that every state rule varies and changes over time.

You’ll need to consult the Secretary of State’s or equivalent business registry website to get the exact filing requirements for your business entity.

Biennial Report Filing Fees

Every state defines the fees and costs associated with its biennial report (or annual reports).

You should expect the biennial report filing fees to vary between $9 all the way to $300.

This represents the fee that you’ll need to pay the state to keep your company in good standing.

In addition to that, if you are going to use the services of a business filing service company, you’ll need to add their service charges to your state filing fees.

Alternatively, you may have a business lawyer or corporate lawyer file the biennial reports for you resulting in higher costs to you.

Takeaways 

So there you have it folks!

Now that you know what’s a biennial statement, why it’s needed, and how it works, good luck with the filing of your report.

Be sure to file your biennial statement on time to avoid getting in trouble with your company.

In the worst-case scenarios, the Secretary of State can administratively dissolve your corporation.

Good luck with the successful management of your business! 

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