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 Arizona LLC annual report filing in Arizona.
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
- Does the State of Arizona Require an Annual Report Filing?
- Why Do LLCs Have to File the Annual Report?
- Seek the Help of a Registered Agent
Contents of the Annual Report
Typically the annual report filed by an Arizona 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
Does the State of Arizona Require an Annual Report Filing?
Arizona is one of those few states in America, which do not require an Annual Report. If you want to form an LLC in Arizona, filing an annual report will not be a part of your compliance.
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 some 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.
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 Arizona Registered Agent here.
How Fast Can I Fill Arizona LLC Annual Report
For LLCs operating in Arizona, it is not necessary to file the annual reports. However, it is recommended to file it.
If you own a limited liability limited partnership, you need to file an annual report in Arizona. You can file online or by mail. You’ll need to pay a filing fee of $3 or $35 if you’re filing paper. In either case, you should file your report as soon as possible to avoid non-compliance fees.
First, you’ll need an EIN, which is the number assigned by the IRS to limited liability companies. This number is similar to a social security number, and it’s essential for conducting certain business functions, such as opening a bank account and hiring employees. Arizona LLCs with multiple owners and employees will generally need an EIN.
If you want to establish an LLC in Arizona quickly and easily, IncAuthority is a great choice. This online service fills articles and provides registered agent services for a year. Choosing IncAuthority will remove your filing headaches and help you focus on running your business.
After registering your business name, you can fill out your Articles of Organization. The Arizona Corporation Commission requires that these be filed with a cover sheet. If you don’t want to fill out your annual report by hand, you can submit it online through the Arizona Corporate Commission website.
You can also use a template to fill out your Arizona LLC Annual Report. The Arizona Corporation Commission will issue a Certificate of Good Standing for your LLC. This document will specify the rights and responsibilities of the members. It will also list how to find a statutory agent, and what the filing fee is. You will also need to pay payroll and self-employment taxes for your business. And you will also need to file state and federal taxes if you’re planning on employing employees.
When establishing your business, it is imperative to obtain an EIN from the Internal Revenue Service (IRS). An EIN is a unique nine-digit number assigned by the IRS for federal tax purposes. It is also necessary to have an EIN if you plan on hiring employees or opening a business bank account. Depending on your type of business, you may also need other licenses or certificates. These will be necessary in order to conduct business in Arizona.
It is possible to form an Arizona LLC with an online service. Using a service such as LegalZoom can help you to fill out your LLC forms quickly and easily. It is a well-known service with affordable LLC formation options. They also offer a statutory agent service to ensure your business is compliant with the legal requirements. Their service is highly rated online, and they have over 6,000 positive reviews.
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 Arizona, 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 Arizona.
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.