If you have formed a California limited liability company, you must stay on top of your state's filing deadlines in order to stay in good standing. One such deadline is the biennial report or statement of information, due every two years. The biennial report requires certain information about your company, such as its name and registered agent, and must be filed with the California Secretary of State. If you miss the biennial report deadline, the Secretary of State reports this to the Franchise Tax Board which accesses a penalty. Until the penalty is resolved you won't be able to transact business in the state, be able to sue another business or be able to defend against another business suing your company. At worst, your LLC could be administratively dissolved. Learn more in our California LLC Biennial Report guide.