Maryland LLC Annual Report – File an LLC Annual Report in Maryland


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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 Maryland LLC annual report filing in Maryland.

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 Maryland (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

Maryland 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 Maryland Annual Report is filed with the Maryland Department of Assessments & Taxation.

Does the State of Maryland Mandate an Annual Report Filing?

All the business entities in Maryland are bound to file the annual report with the Maryland Department of Assessments & Taxation. This includes 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 Maryland has to file the Annual report with the Maryland Department of Assessments & Taxation on April 15th every year.

Penalties for Non-filing or late filing

If a business entity possesses property in Maryland, only then there is a late fee which is some percentage of the business’s county assessment plus interest. There is no late fee for businesses without their own properties.

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 Maryland LLC Annual Report

The Maryland LLC Annual Report can be filed online, or it can be filed by mail. An LLC operating in Maryland has to file the Annual report with the Maryland Department of Assessments & Taxation on April 15th every year.

Steps to File Maryland LLC Annual Report Online

Time needed: 5 minutes.

Below is the procedure to file the Maryland LLC Annual Report online.

  1. Visit Maryland’s Department of Assessments & Taxation Website.

    The first step in filing the Maryland Annual Report is to visit Maryland’s Business Express Website.maryland-llc-annual-report

  2. Sign in.

    Sign in to the site, if you have an existing account, or you can sign up by creating a new account.

  3. Select “New Filing”

    After logging in, click on the “select a new filing” tab.

  4. File Annual Report.

    Scroll down & choose “Final Annual Report/Personal Property Tax Return”. Fill in the required details & submit the report.

Filing Maryland LLC Annual Report By Mail

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

Maryland LLC Annual Report (Domestic & Foreign)

State Office:Maryland Department of Assessments & Taxation, Annual Report, P.O. Box 17052, Baltimore, MD 21297-1052
Links to Website, Form
Due Date:Annual reports are filed every year on April 15th.
Filing Fee:The filing fee of the Maryland  LLC’s Annual Report is $300.
Penalty:If a business entity possesses property in Maryland, only then there is a late fee which is some percentage of the business’s county assessment plus interest. There is no late fee for businesses without their own properties.
Filing Method:An LLC can file the Annual Report Online or by mail.
Forms:Forms
Important Information:Once a Domestic or Foreign Maryland  Limited Liability Company submits the Annual Report along with the prescribed fees to the Maryland Department of Assessments & Taxation, the filing is said to be complete.

How Fast Can I Fill Maryland LLC Annual Report

Deadline for filing annual reports in Maryland is April 15 each year by paying a filing fee of $300. You can file it by mail, online or in-person.

Filing an annual report with the state of Maryland is a necessary step for your business. You must fill out and file the report by April 15 each year. If you’re filing on your own, the process could take days. However, if you’re using a service, it may only take a few days.

The first step is to create an account with the state’s Business Express portal. This service allows you to file various business documents online. All you need to do is fill out the form online and pay a small fee. The Department of Assessments and Taxation processes the Annual Report within 5 to 7 business days, while Personal Property Tax Returns take seven to ten days.

The next step is to create an operating agreement for your LLC. This document outlines who will be involved in the company and who will be responsible for filing legal documents. This document can be filled out online or mailed in. When filling out the form, make sure to include the name of the registered agent and the reason for forming the LLC. It should also be signed by the person who is forming the LLC.

If you’re selling goods in Maryland, you’ll also have to file a sales and use tax return. The Maryland Comptroller recommends filling out this form online. However, if you’re not comfortable filling out the form on your own, you can also download a paper version.

Filing an Annual Report is a crucial part of your business. It’s a legal requirement for all businesses. The process may be complicated, but a quick and simple filing service can help you get through the paperwork quickly and easily. Once you’ve done this, you’ll be able to make sure your business is registered.

LLCs are governed by a strict set of rules. A registered agent is the individual or business entity that receives important tax documents on behalf of the LLC. This person also needs to be available for service of process. The registered agent is responsible for receiving legal notices such as garnishment orders and subpoenas. If you don’t meet these requirements, you might lose your good standing in the state.

LLCs must file an annual report if they want to be registered. This report must be filed by April 15 or they’ll have to pay a fee. The fee is based on a percentage of the LLC’s county assessment plus interest. However, this fee does not apply if the LLC has no property in Maryland. A timely filing of the annual report will help you manage your LLC’s exemptions and avoid penalties.

Having an EIN (Employer Identification Number) is essential for a legal business. A number of businesses require this number for financial purposes, such as income and employment tax filings.

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 a Maryland 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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