If you’re a corporation, LLC, or limited partnership, you must file an annual report in the state(s) you are registered and do business in. If your business is a franchise, there’s another hurdle to clear – paying franchise fees or taxes.

But, filing requirements vary by state. The information you must submit is different, filing deadlines vary, and some give exemptions or extensions for late filing. Staying compliant can be a big drain on time and money. And, if mishandled, any hiccup in your annual report compliance can result in stiff penalties. Your business may also lose its good standing status.

This infographic explains how you can save time and avoid late fees on your annual report compliance and franchise tax payments.