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 Michigan LLC annual report filing in Michigan.
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
- Michigan LLC Annual Report
- Does the State of Michigan Require an Annual Report Filing?
- Why Do LLCs Have to File the Annual Report?
- How to File a Michigan LLC Annual Report
- Seek the Help of a Registered Agent
Contents of the Annual Report
Typically the annual report filed by a Michigan 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
Michigan 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 Michigan Annual Report is filed with the Michigan Department of Licensing and Regulatory Affairs.
Does the State of Michigan Require an Annual Report Filing?
In Michigan, every business entity has to file an annual report with the Department of Licensing and Regulatory Affairs. 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 referred earlier, filing the Annual report is a mandatory requirement even for an LLC. A Michigan LLC has to file the Annual report with the Michigan Department of Licensing and Regulatory Affairs on February 15th every year.
Penalties for Non-filing or late filing
An Annual Report is one of the important documents filed by an LLC. If an Annual report is filed after the due date, the LLC will become delinquent. Further failure to file the report may lead to 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 Michigan LLC Annual Report
The Michigan LLC Annual Report can be filed online, or it can be filed by mail. A Michigan LLC has to file the Annual report with the Michigan Department of Licensing and Regulatory Affairs on February 15th, every year.
Steps to File Michigan LLC Annual Report Online
Time needed: 5 minutes.
Below is the procedure to file the Michigan LLC Annual Report online.
- Visit Michigan’s Department of Licensing and Regulatory Affairs Website.
To file the annual report in Michigan, you must visit the Michigan Department of Licensing & Regulatory affairs’ LARA Corporations Online Filing System.
- Enter Your Customer ID number & PIN.
In the boxes given on the page, enter your customer ID number & PIN.
- Submit the report.
After signing in, fill in the required details & submit the report.
Filing Michigan LLC Annual Report By Mail
To file the LLC Annual report in Michigan, you can follow the steps as mentioned below,
- Ninety days prior to the Annual report filing due date; the Licensing And Regulatory Affairs Department mails a pre-filled Annual Report form to the company’s registered agent.
- You can confirm or update the information mentioned in the form & mail it back to the Licensing And Regulatory Affairs Department at the address: Michigan Department of Licensing and Regulatory Affairs, P.O. Box 1150, Frankfort, KY 40602-1150
Michigan LLC Annual Report (Domestic & Foreign)
|State Office:||Michigan Department of Licensing and Regulatory Affairs, |
P.O. Box 1150, Frankfort, KY 40602-1150
Links to Website, Form
|Due Date:||Annual reports are filed on February 15th every year.|
|Filing Fee:||The Annual Report filing fee is $25.|
|Penalty:||If an Annual report is filed after the due date, t the LLC will become delinquent. Further failure to file the report may lead to the dissolution of the LLC.|
|Filing Method:||An LLC can file the Annual Report Online or by mail.|
|Important Information:||Once a Domestic or Foreign Michigan Limited Liability Company submits the Annual Report along with the prescribed fees to the Michigan Department of Licensing and Regulatory Affairs, 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 Michigan Registered Agent here.
How Fast Can I Fill Michigan LLC Annual Report
If you’re looking for a way to fill out a Michigan LLC annual report quickly, read on. These reports are mandatory and must be filed by the deadline. Failure to do so could lead to your LLC losing good standing and administrative status. You can also hire an attorney to help you get the right documentation and register your business properly. In addition to the Annual Report, your Michigan LLC has to file a variety of other forms and reports. Some of these include an Application for Reinstatement, Periodic Report of a limited partnership, or Exempt Nonprofit Organization.
To file a Michigan LLC annual report, you must first find the resident agent for your business. This person is required to file the report on your behalf. The resident agent must be a registered entity or have been designated by the company to handle the filing process. The resident agent will receive a pre-filled form by mail or online 90 days before the due date. To fill out the annual report, the resident agent must submit a CID/PIN recovery page by entering their Customer Identification Number (CID) or PIN.
While most states do not require an LLC to file its annual statement, Michigan requires them to file an annual report. Michigan LLCs are considered pass-through entities, which means that their income isn’t taxed directly. Instead, the members of an LLC pay taxes on the income that passes through their businesses. If your Michigan LLC has sales, it’s essential to collect sales tax. If you don’t have the time to fill out the annual statement yourself, you can use an affordable LLC service.
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.
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.