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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 Tennessee LLC annual report filing in Tennessee.
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
Typically the annual report filed by an LLC in Tennessee (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
Tennessee LLC Annual Report
An Annual report is essential for all business types. It authenticates that the information provided to the Secretary Of the State is accurate & updated. The information provided in the annual report helps the State officials to ensure that all the companies pay taxes. The Tennessee Annual Report is filed with the Tennessee Secretary of State.
Does the State of Tennessee Require an Annual Report Filing?
It is mandatory for every business entity in Tennessee to file an annual report with the Tennessee Secretary of State. This rule applies to all the legal entities such as C Corporations, Limited Partnerships, Limited Liability Companies, bound to file the Annual Report.
Annual Report Deadline
As mentioned above, filing the Annual report is a mandatory requirement even for an LLC. An LLC operating in Tennessee has to file the Annual report every year, on the first day of the fourth month, post their fiscal year-end with the Tennessee Secretary of State. So an LLC that has a fiscal year ending in December shall submit the report by the 1st of April.
Penalties for Non-filing or late filing
An Annual Report is one of the important documents filed by an LLC. Any report filed after the due date may result in the LLC losing good standing status. If there is a further failure in filing the report, it may result in the dissolution of the LLC.
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 a Tennessee LLC Annual Report
The Tennessee LLC Annual Report can be filed online or by mail. An LLC operating in Tennessee has to file the Annual report every year, on the first day of the fourth month, post their fiscal year-end with the Tennessee Secretary of State. So an LLC that has a fiscal year ending in December shall submit the report by the 1st of April.
Steps to File Tennessee LLC Annual Report Online
Time needed: 5 minutes
Below is the procedure to file the Tennessee LLC Annual Report online.
- Visit Tennessee Secretary of State Site.
The first step in filing the Tennessee Annual Report is to visit the Tennessee Secretary of State Site.
- Click on the “File an Annual Report” link.
From the list of processes displayed on the site, click on the File an Annual Report link.
- Click on the “E-file Annual Reports” link.
Scroll down and click on the “E-file Annual Reports” link under the “What you can do here section.”
- Enter the Secretary of State Control Number.
Enter the Secretary of State Control Number in the text box & click on begin to start filing the report.
Filing Tennessee LLC Annual Report By Mail
To file the LLC Annual report in Tennessee, you can follow the steps as mentioned below,
- Visit Tennessee Secretary of State Site
- Click on the “File an Annual Report” link
- Scroll down and click on the “Print & Mail Annual Reports” link, under the What you can do here section
- Enter the Secretary of State Control Number in the text box & click on begin.
- Download the form on your computer
- Fill in the required information & send the printed copies of the forms and relevant documents to the address: Tennessee Secretary of State, Division of Business Services, 312 Rose L. Parks Avenue, Snodgrass Tower, 6th Floor, Nashville, TN 37243
Tennessee LLC Annual Report (Domestic & Foreign)
| State Office: | Tennessee Secretary of State, Division of Business Services, 312 Rose L. Parks Avenue, Snodgrass Tower, 6th Floor, Nashville, TN 37243 Links to Website, Forms |
| Due Date: | An LLC operating in Tennessee has to file the Annual report every year, on the first day of the fourth month, post their fiscal year-end with the Tennessee Secretary of State. So an LLC that has a fiscal year ending in December shall submit the report by the 1st of April. |
| Filing Fee: | $300 (Additional $20 for registered Agent) |
| Penalty: | Any report filed after the due date may result in the LLC losing good standing status. If there is a further failure in filing the report, it may result in the dissolution of the LLC. |
| Filing Method: | An LLC can file the Annual Report Online or by mail. |
| Forms: | Form |
| Important Information: | Once a Domestic or Foreign Tennessee Limited Liability Company submits the Annual Report along with the prescribed fees to the Tennessee Secretary of State, the filing is said to be complete. |
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 a Tennessee Registered Agent here.
FAQs
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.
How Fast Can I Fill Tennessee LLC Annual Report
Deadline for filing annual reports in Tennessee is the April 1 with the Tennessee Secretary of State. Failing to do so may result in dissolution of the LLC.
When it comes to filling out the Tennessee LLC Annual Report, many business owners may be under the impression that it will take a significant amount of time. While this may be true for some, the process can actually be quicker and more efficient than you think. By having a clear understanding of what information is needed and by being organized and prepared, you can fill out your annual report faster than you might have imagined.
One of the first steps in quickly filling out your Tennessee LLC Annual Report is to make sure you have all the necessary information and documents on hand. This includes any changes in your business address, registered agent, or members, as well as updated financial information. By having this information ready to go, you can avoid unnecessary delays and quickly move through the filing process.
Another tip for speeding up your annual report submission is to utilize online filing options if available. Many states, including Tennessee, offer the option to file your annual report online, which can streamline the process and significantly reduce the time it takes to submit. By using online resources, you can fill out your report at your own pace, review and make changes as needed, and submit it with just a few clicks of the mouse.
Additionally, consider setting aside dedicated time to focus solely on filling out your LLC Annual Report. By blocking out a specific time in your schedule to complete this task, you can avoid distractions and ensure that you are able to give it your full attention. Whether you choose to do this task all at once or break it up into smaller chunks, having a focused time frame can help you fill out your report quickly and efficiently.
Lastly, don’t be afraid to ask for help if needed. If you find yourself struggling with certain sections of the annual report or have questions about the process, reach out to the appropriate resources for assistance. Whether it’s contacting the Tennessee Secretary of State’s office directly or seeking guidance from a legal or financial professional, don’t hesitate to get the help you need to ensure that your annual report is completed accurately and on time.
In conclusion, filling out the Tennessee LLC Annual Report doesn’t have to be a daunting task. By being prepared, utilizing online filing options, setting aside dedicated time, and seeking help when needed, you can complete this annual requirement in a timely manner. With a little bit of organization and effort, you can quickly fill out your LLC Annual Report and get back to focusing on growing your business.
In Conclusion
An LLC has to file many types of reports, such as Application for Reinstatement, Periodic Report of a limited partnership (usually filed by the exempt nonprofit organization), etc., which are required depending on the type of entity. The Annual Report is mandatory irrespective of the entity type. It requires compliance across entities.