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 Arkansas LLC annual report filing in Arkansas.
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
- Arkansas LLC Annual Report
- Does the State of Arkansas Require an Annual Report Filing?
- Why Do LLCs Have to File the Annual Report?
- How to File a Arkansas LLC Annual Report
- Seek the Help of a Registered Agent
Contents of the Annual Report
Typically the annual report filed by an Arkansas 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
Arkansas LLC Annual Report
If you are an LLC owner, you probably must be wondering if an Annual report is required to be filed with the authorities or not. In Arkansas, the annual report is termed as Annual Franchise Tax Report. This Franchise Tax Report is filed every year with the Arkansas Secretary of State.
Does the State of Arkansas Require an Annual Report Filing?
The State of Arkansas does not have any Initial Report Requirements. But, it is mandatory to file the Arkansas annual report (known as the Annual Franchise Tax Report) with the Arkansas Secretary of State.
All the legal entities such as C Corporations, Limited Partnerships, Limited Liability Companies are bound to file the Franchise Tax report along with the Franchise Tax.
Annual Franchise Tax Report Deadline
The Franchise Tax Report must be filed by May 1st each year with the franchise tax of $150. Every LLC is bound by this rule, except an LLC in its first calendar year of the business. For the first calendar year of business, an LLC will file the annual report next year. E.g., the LLC, which was formed in the month of January in 2021, will be submitting the annual report on May 1st, 2022.
Penalties for Non-filing or late filing
Filing the Franchise Tax report is essential for every type of entity in the State of Arkansas, so much so that there can be penalties for non-filing the Franchise Tax Report. The non-filing penalty or the late filing penalties of the annual report is $25. Most States charge additional penalties in case of a lapse in a filing.
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 to track State Taxes’ payments.
How to File a Arkansas LLC Annual Report
The Annual Franchise Tax report can be filed online or by mail in Arkansas. The Franchise Tax Report must be filed by May 1st each year.
Steps to File Arkansas LLC Annual Report Online
Time needed: 5 minutes.
Here are the steps to file LLC annual report in Arkansas online.
- Visit the Arkansas Secretary of State site.
Your first step to filing an Annual Franchise Report in Arkansas is to visit the Arkansas secretary of state’s site to create an account or sign in to the portal.
- Enter your File Number
As the second step of filing the Annual Franchise Tax Report, you have to enter the file number in the given box; if you don’t know your file number, you can search the same by clicking on the link beside it.
- Enter your Federal Tax ID
Once you have entered your file number, you have to enter the Franchise Tax ID in order to calculate the taxes owed by you. If you do not have your Federal Tax ID or if it is your first year of filing the Federal Tax ID, then you can enter nine zeros (000000000) in the given box.
- Click on Show Available filings.
Once you have entered the Franchise Tax ID or you have entered the none zeros in the box, click on the show available filings button to see the list of filings owed by you.
- For Multiple filings, log in using your username and password & click on the Login & file button.
If your LLC has to file multiple franchise tax filings per year & if you have already signed up for the batch filings, then this section of filing is for you. You have to enter your login details & just have to click on the login-file button.
Filing Arkansas LLC Annual Report By Mail
To file the Annual Report in Arkansas by mail, follow the below steps,
- Go to the Arkansas Secretary of State Site.
- Get the Annual Franchise Report Form from the list of forms.
- Look for the form listed under year 21.
- Download the form (.pdf) on your personal computer.
- You need Adobe Reader installed to fill-up the form.
- Fill up the forms with the correct information and save it.
- Print the forms and attach the required documents.
- Write a paper check properly to make the payment.
- Send the printed copies of the forms and documents to the address, Arkansas Secretary of State, Ste. 250, Victory Building, 1401 West, Capitol Ave, Little Rock, AR 72201
Arkansas LLC Annual Report (Domestic & Foreign)
|State Office:||Arkansas Secretary of State, Ste. 250, Victory Building, 1401 West Capitol Ave, |
Little Rock, AR 72201
Links to Website, Forms, File & Pay
|Due Date:||May 1st Every year.|
|Filing Fee:||The filing fee for filing the report online is $15 for filing it by mail & $5 for filing it online.|
|Penalty:||The Arkansas Secretary of State levies a $25 penalty on a report that is filed late, plus $.05 per day for every delayed day.|
|Filing Method:||An Arkansas LLC can file the report Online Or by Mail|
|Forms:||The form to file the Annual Franchise Tax Report can be found on this link.|
|Important Information:||Once a Domestic or Foreign Arkansas Limited Liability Company submits the Franchise Public Information Report along with the prescribed taxes to the Arkansas Secretary of State, it is considered a complete filing.|
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 Arkansas Registered Agent here.
How Fast Can I Fill Arkansas LLC Annual Report
Annual LLC franchise tax report for Arakansas LLC must be filed on or before May 1, 2022 by paying a filing fee of $150, after that penalty will be imposed.
How quickly can I fill an Arkansas LLC annual report? As soon as you can. If you don’t, you could risk fines or even the automatic dissolution of your business. Filing your report early is essential to avoid any penalties. Your registered agent service can notify you about upcoming reporting dates and files them on your behalf. Note that the information on this page is not intended to be tax advice, but merely a general overview of the process. This data is current through July 2021.
You must have a registered agent in Arkansas. If you want to change your registered agent, you can use the Arkansas LLC Name Search to find out if any other Arkansas entities have the same name as yours. Your registered agent must be a member-managed company or an LLC. Be sure to provide their full name and agree to the terms of service. Depending on the state of Arkansas, you might be required to pay additional fees if your company fails to file its annual report.
To file your Arkansas LLC annual report, visit the Arkansas Secretary of State website. Simply download the form and complete it online or mail it with a paper check. The forms are simple to fill in and can be updated as needed. The Arkansas Secretary of State website provides a link to the forms and information you need. In order to file your LLC annual report, you’ll need your federal tax ID or filing number and your registered agent’s name and physical address in Arkansas. Your registered agent must also list the names and addresses of all of the principal officers and directors.
Your EIN is crucial for opening a bank account and hiring employees. It is free to apply for an EIN and you should apply as soon as possible after receiving approval. The annual report is as important as your operating agreement. The process is straightforward and should take two to three days. Remember to keep your records and save approved documents for proof. So, how fast can I fill an Arkansas LLC annual report? When you’re ready, sign up for Incfile to expedite the process.
Every type of entity in Arkansas must file an annual franchise tax report, and failing to do so can lead to penalties. Failure to file the annual franchise tax report is a serious issue, and most states will charge additional penalties for late filing. By taking advantage of a registered agent service, you’ll save time, stress, and hassle and ensure your LLC’s ongoing compliance filings. It’s also an easy way to save money and get the help you need to get it done.
When it comes to taxes, LLCs are the most advantageous choice for business owners. Unlike corporations, LLCs are taxed once, in the form of personal income taxes. This makes it far easier to manage taxes than a corporation. The corporation income tax, for example, is a small series of marginal rates that you pay to the Department of Finance and Administration. The LLC is not liable for state income tax, but the corporation taxes its own shareholders.
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 Arkansas, 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 Arkansas.
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.