An annual report is a document containing comprehensive financial information about public companies, nonprofits, partnerships, and other businesses. It includes their financial performance and activities compared to the previous financial year. Annual reports may also be known as “annual business reports”, “information statements” or “annual statements”. In general, most states require annual reports to be submitted. If they don’t, they may lose their corporate designation and the tax benefits that come with that designation. Beyond the legal requirements, the annual report also helps attract new investors, maintains the trust of existing stakeholders and informs creditors about the company’s financial condition.