The objective of the annual report is three-fold. The annual report keeps the Government informed about all the updates, communicates about all the modifications or changes, & keeps the LLC members informed about the necessary taxes and costs. This article has all the information about Alaska LLC annual report filing in Alaska.
An annual report can be called an address book, as it features all the relevant addresses of the company & the members. This yearly report is a record of all the company’s activities in an entire year. It is also referred to as the Annual Franchise Tax Report because it helps in filing the franchise tax.
On this page, you’ll learn about the following:
- Contents of the Annual Report
- Alaska LLC Biennial Report
- Does the State of Alaska Require an Annual Report Filing?
- Why Do LLCs Have to File the Annual Report?
- How to File an Alaska LLC Biennial Report
- Seek the Help of a Registered Agent
Contents of the Annual Report
Typically the annual report filed by an Alaska LLC (or any other business entity for that matter) will include all the information related to its business & members. The standard contents of the annual report or the annual franchise tax report are
- Office Address of the LLC
- Names & Addresses of the Members & managers.
- Identification Documents
- Social Security numbers of the key members of LLC
- The objective of the business of LLC
- List of all the signatories of the LLC
- Information of the registered agent, if any
Alaska LLC Biennial Report
In the state of Alaska, instead of an annual report, an LLC has to file a biennial report (a report to be filed every two years). Such a report must include updated information about the company addresses, registered agent addresses, etc.
Does the State of Alaska Require an Annual Report Filing?
The State of Alaska requires an LLC to file an initial report within the first 6 months of an LLC. A Biennial report is to be filed every two years with the office of the Alaska Department of Commerce, Community, and Economic Development.
Biennial Report Deadline
The Alaska Biennial Report is due every two years by 2nd January.
Penalties for Non-filing or late filing
If an LLC fails to file the Biennial Report within the prescribed time, the Alaska Department of Commerce, Community, and Economic Development charges a late penalty of $37.50
Why Do LLCs Have to File the Annual Report?
Some of the states are not required to file this yearly report, commonly known as the Annual Report. However, there are some reasons why states should file an LLC Annual Report. Here are some reasons,
To Maintain the Accuracy of the Information
An annual report filed by the LLC has all the updated information about its official addresses & the names or addresses of all its officials. This updated information allows the State authorities to track down any LLC when communicating.
To Provide the Correct Correspondence
Many times, any creditor or other entity willing to transact with the LLC requires the correct correspondence address. If this information (which can only be modified with the help of an annual report) is not updated every year, such entities will not be able to communicate with them.
To Notify the Government About All the Significant Changes
If you have changed your main business address or had new business appointments of managers or members, the annual public information report notifies the State Government Entities about it. So, the next time someone questions a newer reform that you have introduced in your LLC, you will be saved because you had submitted the information with the Government.
To Provide an Activity Log of an LLC
The Annual report is like an activity log of the LLC. It brings on record; all the transactions, new associations, appointments, etc. & keeps those records intact for all future references.
To Help You With the One-time Filing of Taxes
The annual report is an excellent means to keep you on your toes in case of your dues payment. Every LLC must pay the taxes through the annual report filing. By filing the report on time, the LLC can manage the exemptions & can avoid penalties imposed by the Government.
To Enable the State to Track the Payments
The government authorities use all the information filed through the annual report, for tracking the payment of State Taxes.
How to File an Alaska LLC Biennial Report
In Alaska, the Biennial report can be filed online or by mail. The Biennial Report is due on January 2 every two years. If an LLC fails to file the Biennial Report within the prescribed time, the Alaska Department of Commerce, Community, and Economic Development charges a late penalty of $37.50.
Steps to File Alaska LLC Biennial Report Online
Time needed: 5 minutes.
To file the report online LLCs have to register with the Alaska Comptroller of Publish Accounts official website. If the individual or the LLC is already registered then by signing in to the portal one can start filing the yearly LLC report. Here are the steps to file LLC annual report in Alaska online.
- Visit the Alaska Department of Commerce, Community, and Economic Development
The first step in filing the Alaska Biennial Report is to visit the Alaska Department of Commerce, Community, and Economic Development site.
- Enter your Alaska Entity Number
Upon clicking on the website link, you will see a box space for entering the Alaska Entity Number. Enter the entity number in the box & click on the file online button.
- Enter your Alaska Entity name
If you do not know what your Alaska entity number is, you can search with the Entity Name & click enter to know the entity number. When you search with your entity name, you can see that the entity number shall be displayed before the name of your entity name in the chart. Once you get the Alaska Entity Number of your Business, you can go to the first step followed by the third step in this guide.
- Fill Up The Form
After clicking on the file online button, you will have to fill-up the form with accurate information.
- Submit the form along with the required fees
Check the form to correct any errors & submit the form along with the required fees.
Filing Alaska LLC Biennial Report By Mail
To file the Biennial Report in Alaska by mail, you can follow the steps as below:
- Go to the Alaska Department of Commerce, Community, and Economic Development site.
- Click on the Print Form button.
- Fill up the form with the correct information and save it on your computer.
- Print the form and attach the required documents.
- Write a check properly to make the payment.
- Send the printed copies of the forms and documents to the Alaska Department of Commerce, Community, and Economic Development address, P.O. Box 110806, Juneau, AK 99811-0806.
Alaska LLC Biennial Report (Domestic & Foreign)
|State Office:||Alaska Department of Commerce, Community, and Economic Development, P.O. Box 110806, Juneau, AK 99811-0806. Links to Website, Forms|
|Due Date:||Every two years on January 2|
|Filing Fee:||The Biennial report filing fees in Alaska are $100 in the second year when the biennial report is submitted. In the first year, there is no fee.|
|Penalty:||If the Biennial Report is filed post-February 1(in the second year), then an LLC will be charged with a $37.50 late fee. If an LLC doesn’t file the biennial report at all, it may lead to the dissolution of the LLC.|
|Filing Method:||An LLC can file the Alaska Biennial report Online Or by Mail.|
|Forms:||The form to file the Alaska Annual Report can be found here.|
|Important Information:||It is a mandatory thing to file a biennial report in Alaska, & non-filing can have serious effects on the working of an LLC.|
Seek the Help of a Registered Agent
Every State will have a different rule for filing the Annual Report. Usually, it is submitted every year, but it is submitted once in two years in some states. Some states require the filing of the report only once in ten years.
Not only the timing, the mode of filing, the proper addresses, exemptions, legality, annual report compliance, etc., have to be taken care of while paying the taxes or filing any reports with the State authorities. In many such scenarios, it is advised that an LLC appoints a Registered Agent to manage all this. Check out the best LLC service that offers all the services at an affordable price. An experienced agent is required for:
- Streamlining the mandatory processes & filing.
- Sending or receiving any documents.
- Reminding you about important dates of filing or payment of taxes.
- Simplifying the filing procedures.
- Avoid any penalties.
- Flexibility in working.
- Maintaining Privacy (as it keeps your personal records off the public record)
You can read more about an Alaska Registered Agent here.
How Fast Can I Fill Alaska LLC Annual Report
You need to file biennial report in Alaska. Filing the biennial report for your Alaska LLC by mail may take up to 10-15 business days to process. The online filing is completed immediately.
Filing the Annual Report is essential for an Alaska LLC. The Alaska Division of Corporations has an online database of filed documents. It can be accessed under “Filed Documents” or “Search Corporations Database.” You can also use this database to obtain your EIN and business bank account.
Filing your annual report is the first step to keeping your business in good standing with the state and with customers. It’s vital that you show them that you’re a legitimate business, as missing one filing can put a new business out of compliance with the law. It’s a time-consuming process, and even more so when you’re a new business owner. That’s why managed annual report services can be helpful. These services keep track of all of your annual reports for you and file them automatically, saving you time and energy.
In addition to filing your annual report, LLCs must pay the state’s unemployment insurance tax if they hire employees. You can also get additional tax information by contacting the Alaska Department of Revenue. A reliable company will also charge a fee per year for their service. However, it’s worth the small fee to avoid losing important information.
In addition to filing your annual report, LLCs in Alaska must pay fees for maintaining their licenses. These fees are $100 for domestic LLCs and $200 for foreign LLCs. The Alaska Department of Commerce does not have a list of all fees associated with LLCs, but they do provide a list of forms and fees.
An initial report for an Alaska LLC costs approximately $100 to $200. The initial report must be filed within six months after forming the company. This report can be filed online or via the mail. If you do not want to pay the fee, you can choose to file your Initial Report yourself. You can also file an Annual Report online.
LLCs should have an operating agreement. It outlines how the LLC will operate and what the members will do. The operating agreement protects everyone who is involved in the company. This document also helps demonstrate that the LLC is separate from other businesses. Without an operating agreement, your LLC is governed by state LLC law, so it’s vital to have an operating agreement.
The first step in forming an LLC is selecting a name. Be sure to check if the name you’ve chosen is available. Also, make sure that it meets the requirements of the Alaska Corporations Section. You will also need to select a registered agent. The name of the company must contain the words “limited liability corporation” and “limited liability company.” In addition, you cannot use a company name that may mistakenly be mistaken for a government organization.
Filing an Alaska LLC annual report may seem intimidating. However, filing online is easier and faster than filing a hard copy. All you need to do is follow the instructions provided. When you submit your filing online, you will receive your document almost immediately. If you file a hard copy, the processing time is about ten to fifteen business days.
Yes, an annual report is essential for every business entity in most states. Some states also ask to file biennial or decennial reports to be filed.
A Yearly Business Report or the annual report typically incorporates the address of the business, names & addresses of the members, a list of all the signatories, SSN of the members, & details of the registered agent.
A Registered Agent is well-aware of all the filing requirements, annual report filing fee, & overall Annual Report compliance. The knowledge & proficiency of the registered agent allows the smooth filing of reports & other fees.
The most important thing for filing an Annual Report is record keeping. Make sure that you document every other transaction well.
Yes, the fees may vary depending on the type of entity or the type of legal entity you are representing.
In conclusion, we can see that the annual report – which is also called the Franchise Tax Public Information Report is much easy to be filed. However, it is mandatory to file the report on time to avoid any penalties. If you are running an LLC in the state of Alaska, you have to comply with the filing of certain important documents including the annual report or the Franchise Tax Public Information Report as it is named in the state of Alaska.
It is also important to note that once this Public Information Report is filed with the Comptroller of Public Accounts, there is no need for additional filing with the secretary of state.