The name can be somewhat of a misnomer because many states have biennial reports and one even has a decennial report that only needs to be filed every 10 years (we’re looking at you Pennsylvania!). Annual reports are essentially a state tax. In most states, you simply need to confirm or update any information the state has on your LLC and pay a “filing fee” (this is really just a way for the state to collect some extra income). In most states, you can just file online in a few minutes.
To learn more about annual reports in your state, we recommend checking out Northwest Registered Agent’s Free Guide to Annual Reports in Every State.