Eligible businesses may file some state reports every two years

The law provides an option for certain businesses to file reports every two years. The election rules cover limited liability companies and registered limited liability partnerships. Separate provisions refer to annual or biennial reports for cooperative associations. A limited liability company must have filed every required annual report on time for five consecutive years and be in good standing when it elects. A registered limited liability partnership has the same five-year and good-standing requirements. A foreign registered partnership may also elect under those rules. The report contains the same information as an annual report. Cooperative associations are directed to file an annual or biennial report, with no eligibility test stated here. The election rules take effect July 1, 2026. After election, the first two-year report is due January 1 through July 1 of the second calendar year after the election, and every two years after that.

The law provides for certain fees to be paid every two years with a biennial report. These fee rules apply to limited liability companies, corporations, limited partnerships, and registered limited liability partnerships, as specified in each provision. A limited liability company pays a $50 two-year report fee instead of the $25 annual report fee when filing that report. A corporation or limited partnership that has made a valid two-year reporting election may pay a $50 fee instead of the $25 annual fee for the Secretary of State's services as its attorney-in-fact. A registered limited liability partnership with a proper election pays $1,000 every two years instead of $500 annually. Earlier unpaid annual fees are not forgiven. The two-year reporting election provisions take effect July 1, 2026. Limited liability company fees are due with the report; registered partnership fees are due January 1 through July 1 each year or every two years, as elected.