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The annual report is the document that provides all the information about the company's operations. A Limited Liability Company must file annual report is with the government agency in the state where the LLC is registered under. The purposes of an annual report are to inform the state of your business location about your registered agent and also about who has the legal management authority in your LLC. You can read about What is an LLC.
What is Included in an Annual Report?
Each state has its own LLC rules and regulations, as well as different filing demands. However, your annual report will generally include the following items:
Your main office address
The names and addresses of your members and managers
An important identification numbers like EIN number and the state ID number.
The purpose of your business and the company's activities.
A list of authorized signatories
Contact Information about your registered agent.
Due Dates and Fees
The reporting filing deadlines and associated costs may differ widely by state. Some jurisdictions have a fixed date by which all entities must submit their annual reports some requires your annual report to be filed every other year (Biennial) while others demand that year-end reports be submitted on the anniversary of your formation date. Filing fee vary anywhere from $0 to $800 depending of the state.
How Do I Submit My Annual Report?
It is easy to file the report with Business Registration you only need to complete the form HERE and follow all the steps. Our specialist will review the form and contact you if they have any questions or if they need any information from you. You can sign up to our Annual Report program and we will make sure your annual report is filed on time. We will contact you every year before the due date of your filing to update your information.
What Happens If I Don't File an Annual Report?
While it may appear to be a waste of time, preparing an annual report and pay the filing fees on time is critical to keep your LLC in compliance with the state. The consequences of failing to file can be severe. Some states may charge you a late fee, penalties, or taxes, while others may force your LLC to dissolve against its will. Keeping your LLC not in compliance with the sate may jeopardize the corporate veil protection that granted to you via the Limited Liability Company.
Certificate of good standing
In order to get a Certificate of good standing for your state you must be in compliance with the state. Failure to file annual reports will result in that you will not be able to get a certificate of good standing.
Before agreeing to do any business with your LLC, several lenders and landlords will want to see this certificate as this is a proof to them that you are in compliance.
Registered agent
A registered agent is someone or a business that has been designated to receive legal deliveries (also known as service of process) on behalf of a firm. Registered agents are in charge of receiving registered agent notifications from the Secretary of State, as well as any other legal paperwork including subpoenas, tax forms, regulatory notifications, or anything else.. The papers are either delivered to the registered agent's address and hand delivered to him or mailed to his principal office address.
Most of the states