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 New Jersey LLC annual report filing in New Jersey.
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
- New Jersey LLC Annual Report
- Does the State of New Jersey Require an Annual Report Filing?
- Why Do LLCs Have to File the Annual Report?
- How to File a New Jersey LLC Annual Report
- Seek the Help of a Registered Agent
Contents of the Annual Report
Typically the annual report filed by a New Jersey 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
New Jersey 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 New Jersey Annual Report is filed with the New Jersey Division of Revenue and Enterprise Services.
Does the State of New Jersey Require an Annual Report Filing?
Every business entity in New Jersey is bound to file an annual report with the New Jersey Division of Revenue and Enterprise Services. This rule applies to 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 New Jersey has to file the Annual report with the New Jersey Division of Revenue and Enterprise Services by the end of Anniversary month.
Penalties for Non-filing or late filing
An Annual Report is one of the important documents filed by an LLC. Failure to file the report by the end of the anniversary month may result in the LLC becoming delinquent. If there is a further failure in filing the report for two years, it may result in 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 New Jersey LLC Annual Report
The New Jersey LLC Annual Report can be filed online only. An LLC operating in New Jersey has to file the Annual report with the New Jersey Division of Revenue and Enterprise Services by the end of Anniversary month.
Steps to File New Jersey LLC Annual Report Online
Time needed: 5 minutes.
Below is the procedure to file the New Jersey LLC Annual Report online.
- Visit New Jersey’s Division of Revenue and Enterprise Services Website.
The first step in filing the New Jersey Annual Report is visiting the New Jersey Division of Revenue and Enterprise Services Website.
- Enter the Required Details.
Enter your New Jersey Business Entity Identification Number, business type, & Incorporation or formation date, in the boxes given.
- Click on Continue.
Click on continue & begin the online filing process
New Jersey LLC Annual Report (Domestic & Foreign)
|State Office:||New Jersey Division of Revenue, PO Box 308, Trenton, NJ 08625|
Links to Website
|Due Date:||An LLC operating in New Jersey has to file the Annual report with the New Jersey Division of Revenue and Enterprise Services by the end of Anniversary month.|
|Filing Fee:||The Annual Report filing fee is $75 (an additional $25 for registered agent services).|
|Penalty:||Failure to file the report by the end of the anniversary month may result in the LLC becoming delinquent. If there is a further failure in filing the report for two years, it may result in the dissolution of the LLC.|
|Filing Method:||Online only|
|Important Information:||Once a Domestic or Foreign New Jersey Limited Liability Company submits the Annual Report along with the prescribed fees to the New Jersey Division of Revenue and Enterprise Services, 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 New Jersey Registered Agent here.
How Fast Can I Fill New Jersey LLC Annual Report
Deadline for filing annual reports in New Jersey is last the date of company’s anniversary by paying a filing fee of $75 with the New Jersey Secretary of State.
The New Jersey LLC annual report requires very little information and costs $50 to file. An LLC is a pass-through entity and its income is reported to the members of the business on their personal tax returns. However, there are some states that levy a separate tax on limited liability companies, and if you run a small business in New Jersey, you’ll want to make sure you’re aware of the state’s requirements.
In order to avoid paying a late filing fee, you’ll want to make sure you’re filing the annual report on time. The deadline for submitting the report in New Jersey is usually the last day of the month before the business’s anniversary date. In June, the date is June 14th.
Filing an annual report in New Jersey is mandatory. This document, along with the $50 or $75 filing fee, is due on the anniversary of the date you formed your business. The report is also required if you hire new employees in the state. Fortunately, GovDocFiling, a website that offers free state formations, registered agent services, and other benefits, makes this process as simple as possible.
The filing deadline for an LLC in New Jersey is in the month of formation, and you should also pay state taxes. The New Jersey Department of Taxation has a website that will explain in detail how to pay your taxes. Additionally, you must obtain a federal employer identification number in order to hire employees. You may also have to provide this number if you want to open a bank account. The New Jersey LLC does not need to get a state tax identification number, but you may have to provide it if you want to hire employees in the state.
It’s crucial to choose a business name carefully, and you can do this by searching the Department of Revenue’s online database. Make sure that the name you’ve selected is available, and don’t use it for another company. The state has a trademark database where you can search for business names.
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.