Minnesota LLC Annual Report – File an LLC Annual Report in Minnesota


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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 Minnesota LLC annual report filing in Minnesota.

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 a Minnesota 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

Minnesota 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 Minnesota Annual Report is filed with the Minnesota Secretary of State.

Does the State of Minnesota Require an Annual Report Filing?

In the State of Minnesota, it is mandatory for all Business Entities to file an Annual Report. 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. A Minnesota LLC has to file the Annual report with the Minnesota Secretary of State by December 31st every year.

Penalties for Non-filing or late filing

An Annual Report is one of the important documents filed by an LLC. The Minnesota   Secretary of State does not levy any late fees for filing it after the prescribed period, but 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 Minnesota LLC Annual Report

The Minnesota LLC Annual Report can be filed online, or it can be filed by mail. A Minnesota LLC has to file the Annual report with the Minnesota Secretary of State by December 31st every year.

Steps to File Minnesota LLC Annual Report Online

Time needed: 5 minutes.

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

  1. Visit Minnesota’s Official State Website.

    Your first step in filing the Minnesota Annual Report is to visit Minnesota’s Secretary of State Websiteminnesota-llc-annual-report

  2. Click on the “Business Filings Online Link.”

    Hover the mouse over the Busines & Liens tab. Click on the “Business Filings Online Link.”minnesota-llc-annual-report

  3. Search with Business Name or File Number.

    On the next page, enter your Business Name or File Number in the box & click on the search tab. minnesota-llc-annual-page

  4. Click on the “File Amendment/Renewal Button.”

    Choose your business name from the list & click on the File Amendment/Renewal button.

  5. Log in to your Account or Create one.

    On the next page, you can log in to your account or create one, if you do not have one.

  6. Start Filing the Annual Report.

    Once you have logged in to your account, you can start filing the annual report.

Filing Minnesota LLC Annual Report By Mail

To file the LLC Annual report in Minnesota, you can follow the steps as mentioned below,

  • Visit Minnesota’s Secretary of State Website 
  • Hover the mouse on the Business & Liens Option
  • Click on the “Business Forms & Fees Link”
  • On the left section, click on the correct business type 
  • Then select the Annual Renewal PDF option
  • The Form will immediately appear on the screen
  • Download the form 
  • Fill the forms with correct information.
  • Send the printed copies of the forms and relevant documents to the address: Minnesota Secretary of State – Business Services, Retirement Systems of Minnesota Building, 60 Empire Dr., Suite 100, St. Paul, MN 55103 

Minnesota LLC Annual Report (Domestic & Foreign)

State Office:Minnesota Secretary of State – Business Services, Retirement Systems of Minnesota Building, 60 Empire Dr., Suite 100, St. Paul, MN 55103
Links to Website, Form
Due Date:Every year by 31st December.
Filing Fee:$0
Penalty:The Minnesota Secretary of State does not levy any late fees for filing it after the prescribed period, but failure to file the report may lead to the dissolution of the LLC.
Filing Method:Online or by mail
Forms:Form 
Important Information:Once a Domestic or Foreign Minnesota  Limited Liability Company submits the Annual Report along with the prescribed fees to the Minnesota 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:

  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 Minnesota Registered Agent here.

How Fast Can I Fill Minnesota LLC Annual Report

Deadline for filing annual reports in Minnesota is December 31 every year with the Minnesota Secretary of State. Failing to do so may result in dissolution of the LLC.

If you have a Minnesota LLC, you must fill out the Annual Report and update your business records every year. You must provide the Secretary of State with current contact information. This information is used for business filings, taxes, and service of process. Creating a business in Minnesota is a simple and affordable process.

You can file for your Minnesota LLC Annual Report online or by mail. Filing online is much faster and easier. However, if your LLC has closed, you will be required to pay a fee. However, if your company is in good standing, there is no need to send money.

Your Minnesota LLC may also need a Federal Tax Identification Number, or EIN. This number is issued by the Internal Revenue Service and is like a business’s version of a Social Security number. You must have this number before you can engage in certain business functions, such as hiring employees and opening bank accounts. Minnesota LLCs with multiple owners and employees must have this number.

In addition, every Minnesota LLC must file its Annual Report and Annual Renewal every year. It is important to make sure that you fill the form and submit it on time. If you miss the deadline, your Minnesota LLC could be dissolved. To avoid late filing fees, consider hiring a registered agent service. These services can notify you of the due dates and submit your filings for you.

You should apply for an EIN and open a business bank account. These will be your company’s legal proof of legitimacy. You can use this number to open a bank account and apply for an EIN. You should also register with your state’s labor department. You can fill out these documents online in just a few minutes.

Due dates vary by state. The date you must file your annual report will be determined by your state statutes. It depends on the type of entity you’re operating. For example, if your company has an LLC, it will have to file an Annual Report every year. In some states, the due date for an informational report is the same for all entities. For other states, the due date is determined by the end of its fiscal year.

You can file the annual report online or through the mail. However, you should remember that the filing fees are expensive. A lawyer’s services are usually prohibitively expensive for many businesses, so a do-it-yourself approach may be your best option. A lawyer can charge hundreds or even thousands of dollars just to prepare the annual report for you.

When setting up a Minnesota LLC, there are a few important steps you must take. First, you must select a name for your company. It is important that you choose a name that people can easily remember. A business with a memorable name will be more likely to attract customers and increase revenue.

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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