The act or process of making changes to a company in order to improve it is named company renewal. A limited liability company (LLC) is a popular business form for small businesses because it protects their owners, called members, from personal liability. As a side note, if you renew the LLC, the company will generally be listed as “active” on the public record.
If you've incorporated as a business — As an LLC, LLP, S-Corp, or C-Corp, you must file an annual report. This applies no matter how big or small your business is.
Filing an annual report also known as “statements of information,” Annual reports serve the purpose of keeping the state in the know about your company's vital information. These state-mandated annual reports apply to LLCs and corporations of all sizes.