Most states require that a business entity file an annual report with the Secretary of State or equivalent agency, with filing requirements changing state by state.
At the same time as filing the annual report most states require payment of a statutory fee and / or tax. The fee amount can be fixed or calculated based on a set of variables depending on the state and business entity type.
Failure to file annual reports and pay the appropriate fee / tax by the required deadlines can result in additional financial penalties.
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