Iowa LLC Annual Report – File an LLC Annual Report in Iowa


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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 Iowa LLC annual report filing in Iowa.

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.

Contents of the Annual Report

Typically the annual report filed by an LLC in Iowa (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

Iowa 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 Iowa Annual Report is filed with the Iowa Secretary of State, Business Services.

Does the State of Iowa Require an Annual Report Filing?

It is mandatory for an LLC to file a Biennial Report in the State of Iowa with the office of Iowa Secretary of State. In addition to LLCs, legal entities such LLPs & Corporations are bound to file the Biennial Report.

Annual Report Deadline

The Iowa Biennial Report must be filed every odd year on the 1st of April of every odd year. Every LLC in Iowa must file the Biennial Report to keep the company in good standing.

Penalties for non-filing or late filing

Filing the Biennial Report with the Iowa Secretary of State is essential. The Iowa authorities do not charge any late filing fees but, the delay of more than 60 days can cause 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 Iowa LLC Biennial Report

The Iowa LLC Biennial Report can be filed online, in person, or it can be filed by mail. The Iowa Biennial Report must be filed biennially on the 1st of April of every odd year.

Time needed: 5 minutes.

Below is the procedure to file the Iowa LLC Biennial Report online.

  1. Visit Iowa’s Fast Track Filing Site

    The Iowa Secretary of State enables Fast Track Filin. Visit the Fast Track Filing Site to log in or create an account. (The Iowa authorities allow to file the report even without the login)iowa-llc-annual-report

  2. To file by logging in

    -After logging in, select the “File A document” option under the heading “Business Filing”
    -Select “Biennial Reports” mentioned under “Existing Businesses”
    -A textbox will appear on the screen. Fill in the details of your business.
    -Toggle to no in front of paper filing option.
    -Click on the Search tab.
    -Choose your business name from the results & begin the filing process.

  3. To file without logging in

    – On the homepage of Fast Filing, there will be a “Click here to file Biennial Report(no account required) link, just below the login section. Click on that.
    -Type the Business name or number in the search box & toggle on no for the paper filing option.
    – After clicking on the search button, you will see the business names matching your text. Select your business name from the list & start filing.iowa-llc-annual-report

Filing Iowa LLC Biennial Report By Mail

To file the Annual Report in Hawaii by mail, follow the below steps,

  • Visit the Fast Track Filing Site to log in or create an account. 
  • You can opt to file without logging in by clicking on the “Click here to file Biennial Report(no account required) link, just below the login section.
  • Enter your business name or number in the search box.
  • Toggle on yes for paper filing.
  • Download the form on your computer.
  • Fill the form with correct information.
  • Send the printed copies of the forms and relevant documents with the $15 fees to the address: Office of the Secretary of State, First Floor, Lucas Building 321 E. 12th St., Des Moines, IA 50319

Iowa LLC Biennial Report (Domestic & Foreign)

State Office:Office of the Secretary of State, First Floor, Lucas Building 321 E. 12th St., Des Moines, IA 50319
Links to Website, Forms
Due Date:Every odd year, by the 1st of April.
Filing Fee:The filing fee for online filing is $45 & filing by mail costs $60.
Penalty:The Iowa authorities do not charge any late filing fees but, the delay of more than 60 days can cause dissolution of the LLC.
Filing Method:The Iowa Biennial Report can be filed online or by mail.
Forms:The form to file the Iowa Biennial Report can be found here
Important Information:Once the Biennial report is filed with the Iowa Secretary of State with appropriate fees, the process of filing shall be complete.

How Fast Can I Fill Iowa LLC Annual Report

Deadline for filing biennial reports in Iowa is March 31 by paying a filing fee of $30 for online and $45 by mail.

A new business owner is excited about putting his or her company on the map and rolling in the profits. However, there is a lot to take care of. The state of Iowa needs to keep accurate records of thousands of businesses in order to effectively reach them and communicate important information. If you want to avoid being penalized, follow these steps to fill out the annual report.

First, you need to pay the filing fee. The fee is $60 for a hard copy report and $50 for online filing. You must file the report by April 1st in every odd-numbered year. If you choose to file via mail, the process will take anywhere from seven to fourteen business days. In contrast, filing online will cost you only $45, and your submission will be processed instantly.

If you file your report online, you won’t need to send your original signature. The Secretary of State of Iowa accepts major credit cards and also accepts payment through a dedicated account. You can also pay by mail but this will require a credit card payment authorization form. Once your report is filed, it will become public knowledge and available through the state’s business entity search.

The process is the same for all types of LLCs in Iowa. Each year, your business needs to file its annual report. It will also need to file a biennial report, which is similar to the annual report. The biennial report must be filed between January and April each year. You must make sure you submit your report on time if you want your business to remain legal.

Once you have the annual report and the Biennial Report, the state will process it. It may take anywhere from seven to fourteen days for the state to process it. Once you file it online, you’ll be able to check the status of your filing. Then, you can download your Biennial Report or Certificate Number.

If you are thinking about starting an LLC, remember to designate a registered agent. This person should be a resident of the state. The registered agent will be the person who receives important documents from the Iowa Secretary of State, including notices, documents and other papers relating to legal matters. The registered agent will need to be 18 years or older and have a physical address in the state, known as the registered office.

Getting your LLC registered in Iowa is a relatively easy process. You can use FindLaw’s Business Formation Service to fill out your forms. However, you may want to hire a legal professional to help you with the process to ensure you comply with all the state’s business laws.

If you run a business in Iowa, you have to pay the appropriate taxes. You’ll need to pay federal employer taxes as well as state taxes. These taxes apply to both your personal and corporate income.

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:

  1. Streamlining the mandatory processes & filing.
  2. Sending or receiving any documents.
  3. Reminding you about important dates of filing or payment of taxes. 
  4. Simplifying the filing procedures.
  5. Avoid any penalties.
  6. Flexibility in working.
  7. Maintaining Privacy (as it keeps your personal records off the public record)

You can read more about an Iowa Registered Agent here.

FAQs

Is it essential to file an Annual Report?

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.

What are the contents of the Annual Report?

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.

Why is hiring a Registered Agent necessary in filing the Annual Report?

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.

What do I have to do for the annual business report preparation?

The most important thing for filing an Annual Report is record keeping. Make sure that you document every other transaction well.

Do the filing fees change as per the types of companies?

Yes, the fees may vary depending on the type of entity or the type of legal entity you are representing.

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.

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