LLC Annual Report – Understanding Annual Report Filing (2022)


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When it comes to the Limited Liability Companies, a lot of work is there that needs to be done once the business entity has formed. For one, you must file your LLC annual report.

This is a kind of document which every LLC business needs to submit by the end of the financial year. The statement consists of all the doings of the business, starting from the transactions it made to the hiring of new employees and so on.

LLC Annual Report

All the annual report filings as per the calendar are prepared with the sole aim of informing the government officers about the happenings in the Liability Company for the prior year.

Importance of Filing LLC Annual Report with Payment

When you form a business, there are various steps related to it. Be it naming your LLC, having a website (check out BlueHost), or having the documents, it is necessary to have it all properly. Similarly, it is essential for every LLC business to file the annual report once they complete one year of servicing in the industry. Once the time comes, your registered agent will remind you of the annual report requirements, and accordingly, you have to prepare it.

However, before you learn more about the report and the steps to file the document, let’s find out the main reasons why this particular form is so important for both domestic and foreign LLC.

Notify the government authorities about the changes

One of the main reasons for completing this paperwork is that after submitting it, you will be able to keep the authorities informed about every type of change brought into the LLC business over the past year. Since the government will be informed, you will be able to avoid any legal cases in case someone wishes to sue you against a reform you have introduced in your incorporation.

Keep a written record of all the doings of the LLC.

When you list down everything in the annual financial report letter, you will be actually making a written detailed record of everything your company has done in the previous year. From the payment transactions, it was involved in the business manager appointment or transference; all the records will be preserved for future references.

Help you in filing properly for the business entity tax.

Lastly, for an LLC entity type, you will need the annual online report to pay the taxes, handle the exemptions, and also avoid any kind of government-imposed penalties.

When to File the LLC Annual Report?

Once the time comes, your registered agent will inform you about the potential dates for the submission of the annual registration report. Following two date forms are usually chosen for the corporations:

  • On the anniversary date
  • A backdated submission as compared to the anniversary date

If you want to avoid the consequences of late reports filing, you need to be very careful about the date and work closely with the members and the directors for the preparation of the same.

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Different states have different regulations when it comes to file an LLC Annual Report. Some states require yearly filing, some require filing once in two years. Hence, it is recommended to get a professional help to file an Annual Report. We have a top 3 list for you to choose the best LLC service from.

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Annual Report Filing Fee

Every LLC has to pay a fixed amount of fee for filing the Annual Report. The fee depends on the state regulations. The Annual Report Fee starts from $20 to $100 approximately. Check out the Cost of LLC to know more about the fees and charges.

Consequences of Not Filing the Annual Report

Filing the annual report is an important process that you need to comply with. Failure to do so might put all the managers and the members in a tight spot. If you do not submit the corporate report on time, the government might levy a huge penalty fee on your company. After repeated reminders, if you again fail to provide the initial report, your LLC might be dissolved temporarily, which will leave the reinstatement process as your option only.

LLC Annual Report Details

Your LLC annual report will consist of the following information:

  • The main business address of your LLC
  • Name and address of all the managers and members
  • All the identification and social security number related to your business
  • Purpose of your LLC
  • List of all the authorized signatories
  • Information about your registered agent

Once the report is made, you can submit it either online or via mail along with the decided filing fee.

Who Can Sign an LLC Annual Report

The director of the board of members, Chief Operating Officer, Chief Executive Officer or all of them are liable to sign the Annual Report of any LLC.

Who Can Sign an LLC Annual Report? This question is important to consider as it relates to the legal status of your business. While the annual report is required, there are certain exceptions to the rule. In some cases, it can be filed online. Generally, filing the annual report online will save you a $50 processing fee. However, filing it by mail will still cost you $250. The expedited fee will be added automatically.

Unlike the financial statements released by major corporations, an LLC annual report is a summary of basic information about a company. It lists the registered agent, registered office address, members, managers, officers, and other important information about the business. This document is also a useful tool for investors. Failure to file an annual report will automatically dissolve an LLC. Fortunately, filing the annual report will keep your business operating smoothly and protect your personal information.

The deadline for filing an LLC annual report varies from state to state. Check with your state’s regulatory agency to determine what is required. Often, filing the report is once every two years, but some states require yearly filing. It is best to seek professional assistance to file an annual report. And don’t forget to include the name of each shareholder on the LLC annual report. If you have a board, make sure everyone is on the same page!

When it comes to LLC annual reports, make sure you have updated company information, including the name and address of the company, and details about the services offered. You also need to update the name and address of the business owners. Typically, states will require you to list all of the LLC’s managers, owners, and shareholders. If you aren’t sure who can sign an LLC annual report, consult the state’s Secretary of State’s office or relevant government regulatory body.

When you file an LLC annual report, you must include the name of the LLC, the address of the office, the Registered Agent, and the “LLC number” provided by the Secretary of State. The “LLC number” is similar to a driver’s license number for an individual. It may also be referred to as an Entity ID Number or Company ID Number. The filing fee for an LLC annual report varies from state to state, but it’s generally minimal. You can either file your LLC annual report online or send it in the mail.

An annual report must be filed every year in order to maintain good standing in the state of business. In Illinois, if your business is 60 days late, you must pay a $300 penalty. This penalty is on top of the base filing fee. If your LLC is 180 days late, it may face administrative dissolution. Similarly, corporations must pay an annual franchise tax. Check out your state’s regulations before filing an annual report.

F.A.Qs

What is the filing fee of the LLC annual report?

The annual report filing fee will depend on the state in which your LLC has, be it the domestic or foreign corporation. Usually, the fees vary from $10 to $500.

What is the date of report submission for my LLC?

The dates for filing the report on time depend on the state where your company is. In some states, the periodic report is asked to be submitted on the anniversary date of formation. In some other states, a prior date is fixed before the anniversary date for submitting the report for an LLC company.

In Conclusion

Annual Reports are mandatory for the LLCs to renew their business. In some of the states, the renewal of LLC needs a separate form to be filled and submitted. However, most of the time by submitting the Annual Report gets the work done. The fee of filing an Annual Report is different depending on the state.

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