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What is an Annual Report?
An annual report is a formal document that public corporations create to tell the story of their business operations and financial situation. It can be used by shareholders, employees, and even customers to make decisions about whether or not to do business with a company. These reports contain several pieces of pertinent information about a business’s story, financial conditions, and future goals.
Public corporations are required to create and publish accurate annual reports by the Securities Exchange Commission. This is because they have a financial, or fiduciary duty, to do what’s best for their shareholders and employees.
What’s Included in an Annual Report?
An annual report includes vital information about public corporations. This document plays a key role in lifting the corporate veil that conceals business operations from the general public. Corporate lawyers help public corporations to construct annual reports to ensure they completely accurate.
Readability is another important aspect of a successful annual report. Companies want to encourage interested parties to read the entire document. To accomplish this, companies make sure to include plenty of graphics and pictures throughout the report, which makes it easier to read.
An annual report consists of several key pieces of information about a company’s operations.
Letter from the CEO or President
Annual reports start with a letter from the CEO or president of a corporation. This letter is addressed to the shareholders of the company since they are the main ones that read the report. Since a successful annual report letter sets corporations apart from their competitors, it’s important that executives spend plenty of thoughtful time constructing it.
This letter highlights a few major pieces of information, including:
- Highlights of business achievements over the past year
- Information about performance goals
- A brief overview of financial and operational conditions
Information about Financial Conditions
An annual report is a key piece of documentation that shareholders use to determine where to invest their money. Because of this, it’s important for companies to detail their financial conditions within the report. Here are some examples of financial conditions that an annual reports highlight:
- Balance sheets
- Income statements
- Cash flow statements
- Loan details
This portion of an annual report often contains plenty of charts and graphs. This helps contribute to making the report easier to read and understand.
Overview of Future Business Goals
A key objective that companies have when publishing annual reports is to attract investors and customers. One effective way they accomplish this is by detailing future business goals in their report. This explains to the public the company’s plan to expand and grow.
Here are a few examples of business goals that might be outlined in an annual report:
- Plans for company expansion
- Business strategies to grow cash flow
- How a company will apply strategies to achieve their desired growth
Special Achievements
Corporate officers are offered a great tool to share company achievements through their annual report. The special achievements section of an annual report is helpful in making sure that current investors are satisfied with their investment. It also aims to encourage new investors to come on board with the company. Companies can decide which achievements to include by taking notes during a meeting, called meeting minutes , and ranking them by importance.
Here are some examples of special achievements that might be included in an annual report:
- Awards received (by company or employees)
- Goals reached
- Success of any special initiatives
Learn more about the key aspects of an annual report here .
How to Find Annual Reports
Annual reports provide vital financial and operational information to people with a financial interest in a company. When an investor or customer wants to find a company’s annual report, they can often locate it in a few different places.
Websites
The web is a great place to get easy access to annual reports. They provide for instant access of current and previous reports. Annual reports can be easily downloaded for future reference from these websites, as well.
Here are a few examples of where annual reports can be found online:
Company Websites
The reporting is most commonly found on portions of company websites that are dedicated to investors. This is because the reporting is most often to determine whether to invest in a public corporation. Company websites provide the perfect space to share this information with the public.
Financial Websites
There are a number of websites dedicated to providing companies’ financial information to the public. These websites are helpful because they often index several years of annual reports. Having access to previous years’ reports gives a more complete financial picture of a company, which helps to further pierce the corporate shield.
Search Engine
The best way to use search engines to find annual reports is to search for the company’s name followed by annual report. This web search should return a direct link to the company’s annual report either on their website or at some other public domain.
Learn more about where to find annual reports here .
Image via Pexels by Negative Space
Who Reads Annual Reports?
Annual reports are corporate documents that make private company information available to the public. They tell the company story and include details such as financial conditions and initiatives. Access to private information helps interested parties make important decisions, such as whether to invest or to do business with a corporation.
Annual reports are read by a few different entities for unique reasons:
- Investors and potential investors – to help investors weigh the risk of their investments
- Employees – since workers are often shareholders, annual reports provide insight into the financial aspect of issued shares
- Current or potential customers – to decide whether to support a company
- Suppliers – to determine if a partnership would be beneficial
- Lenders and banks – to gauge a company’s ability to repay a loan
- Students – to learn about the industry
For more details on who reads annual reports, check out this article .
What Happens if a Company Doesn’t File an Annual Report?
After the stock market crash of 1929, United States lawmakers made filing an annual report a requirement for all public companies in the U.S. This initiative was set into motion to allow the American people the opportunity to fully review a company’s financial standing before becoming involved monetarily with them.
If a company doesn’t file an annual report, there are a few consequences:
- Less investors : annual reports are needed for investors to gauge their risk
- Late penalties : when a report isn’t filed in a timely manner, monetary penalties apply
- Dissolution : the state has the jurisdiction to put a company out of business if no annual report is filed within a certain timeframe
For a more in-depth look at what happens when a company doesn’t file an annual report, read this article .
Get Help with an Annual Report
Is your corporation in need of some expert guidance on how to put together an annual report? Post your project today on ContractsCounsel to get connected with corporate lawyers who focus on annual reports and can bring you through the entire process down to the signing authority.
Meet some of our Annual Report Lawyers
Jane C.
Skilled in the details of complex corporate transactions, I have 15 years experience working with entrepreneurs and businesses to plan and grow for the future. Clients trust me because of the practical guided advice I provide. No deal is too small or complex for me to handle.
Jeremiah C.
Creative, results driven business & technology executive with 24 years of experience (15+ as a business/corporate lawyer). A problem solver with a passion for business, technology, and law. I bring a thorough understanding of the intersection of the law and business needs to any endeavor, having founded multiple startups myself with successful exits. I provide professional business and legal consulting. Throughout my career I've represented a number large corporations (including some of the top Fortune 500 companies) but the vast majority of my clients these days are startups and small businesses. Having represented hundreds of successful crowdfunded startups, I'm one of the most well known attorneys for startups seeking CF funds. I hold a Juris Doctor degree with a focus on Business/Corporate Law, a Master of Business Administration degree in Entrepreneurship, A Master of Education degree and dual Bachelor of Science degrees. I look forward to working with any parties that have a need for my skill sets.
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Maria M.
I have worked for over 20 years in the areas of family law, business formation, contracts and real estate law. In the area of family law, I represent clients in all areas of family law including child custody, child support, spousal support and marital property division as well as preparing prenuptial and separation agreements. I am experienced in real estate law, including commercial and residential leases, preparing various types of real estate related contracts. I am also experienced in business formation among other business law matters. I currently work in the area of grant management with the Small Business Administration.
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Don K.
Oliver Keene is not your typical attorney. With a personal touch and a passion for helping others, he goes above and beyond to provide exceptional legal services. Born and raised in the heart of the Appalachian coalfields, Oliver understands the value of hard work and perseverance. His small-town upbringing instilled in him a deep sense of community and a commitment to making a difference in people's lives. Oliver's journey in the legal field began with a Bachelor's degree in Criminal Justice from Bluefield University. He went on to earn his Juris Doctorate from Lincoln Memorial University - Duncan School of Law, where he excelled in his studies and developed a strong foundation in law. Throughout his career, Oliver has gained invaluable experience working as a public defender, an attorney advisor for the Small Business Administration, and in various legal roles. With a focus on estate planning and business law, Oliver is dedicated to helping individuals and families protect their assets, plan for the future, and navigate the complexities of the legal system. His approachable demeanor, attention to detail, and genuine care for his clients set him apart. Oliver's clients can trust that he will go the extra mile to ensure their legal needs are met with the utmost professionalism and personalized service. Outside of his legal practice, Oliver enjoys spending time with his wife and daughter, exploring the great outdoors, and indulging in his passion for hunting and fishing. His commitment to serving military families is evident in his offering of discounted services as a token of gratitude for their sacrifices. When you choose Oliver Keene as your attorney, you're not just hiring a legal professional - you're gaining a trusted advisor and a compassionate advocate. With Oliver by your side, you can have confidence that your legal matters will be handled with the highest level of expertise and care.
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Angela Hayden is an accomplished and driven attorney with a diverse professional background that sets her apart. Having served as a former Assistant Public Defender in Allegheny County, Angela acquired invaluable expertise in navigating the complexities of the criminal justice system. Her trial experience spans a wide range of cases, from minor retail theft to complex criminal homicide, demonstrating her ability to deliver successful outcomes for her clients. Prior to her focus on criminal defense, Angela honed her skills in public policy and political consulting through her work with both the Pennsylvania and United States House of Representatives. This experience provided her with a deep understanding of the intricacies of public policy and the ability to offer strategic guidance to clients. Angela's career also took her to a civil defense firm, where she traveled across the country, defending clients in litigation. This experience enhanced her ability to handle complex civil matters and strengthened her litigation skills. In addition to her expertise in criminal defense and civil litigation, Angela has demonstrated her proficiency in employment law, providing guidance and consultation to small businesses and non-profit organizations. Her keen insight into employment law matters ensures that businesses operate within legal boundaries while fostering a positive work environment. Furthermore, Angela is a licensed realtor, well-versed in residential real estate transactions. This additional knowledge allows her to offer comprehensive legal support to clients involved in real estate matters, ensuring their interests are protected throughout the process. Angela holds a degree from Hampton University and obtained her Juris Doctor from the University of Dayton School of Law. She is pursuing a Master of Business Administration. She is licensed to practice law in Pennsylvania and the District of Columbia, demonstrating her commitment to providing exceptional legal services in multiple jurisdictions. With her extensive experience and passion for achieving favorable outcomes for her clients, Angela Hayden is a dedicated advocate ready to guide you through your legal journey.
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Dean S.
Dean represents client in all manners of tax controversy and provides comprehensive business consulting to corporations, LLCs, and non-profits. He has worked with multi-national companies, but most enjoys assisting small businesses with all legal matters from formation to dissolution. Dean routinely represents individuals and businesses before the IRS and various state taxation agencies. From audits to appeals, he works closely with his clients to reach favorable outcomes and beneficial resolutions. Though he assists many clients in his home state of California, Dean values working with a diverse clientele throughout the country.
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Thomas S.
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