Why do corporations have to File An Annual Report?

Question

What is the need to file a $150 report every year?

Answer 1

By the Business Corporation Act, every year the corporation the shareholders must hold a meeting to elect new directors.

By the Business Corporation Act,  eery year the corporation the shareholders must hold a meeting to elect new corporate officers.

This must be updated annually per state law, and is filed in the annual report.

My annual report fee was only $35. Next time, incorporate in a state that has a lower fee!

Answer 2

because the state and federal government say they do.  If they are a public company,  add the SEC to the agencies that require and annual report.

Answer 3

Corporations that are publicly traded on any of our stock exchanges are owned by shareholders.  The SEC Securities and Exchange Commission, an agency of the US government requires that shareholders' know the earnings of all companies they have purchased shares in.  Therefore, those companies have to report earnings for the benefit of the  general public.