**Short Answer: Your state will require you to file an Annual Report in order to keep your LLC in compliance, your contact information updated and your LLC in good standing. Fees and due dates vary by state.**
LLC Annual Report: Form an LLC (10/11)
Video Transcript:
Your state will require you to file an annual report in order to keep your LLC in compliance, your contact information updated, and your LLC in good standing. Fees and due dates vary by the state. Once your LLC is formed, paperwork with the state is not over. As a part of the ongoing requirements for your LLC, your state requires that you file an annual report and pay a filing fee. The annual report can take many names, such as the annual report, annual statement, statement of information, periodic report, biennial statement, decennial report, and many more, and not all annual reports are annual. Some may be required to file every year, some every two years, and some may be lucky enough to only have to file every ten years. It just depends on your state and their requirements. Since most states refer to the report as the ‘annual report,’ we’ll do so as well, just for simplicity. The purpose of the annual report is to keep your LLC in compliance and in good standing. Additionally, it keeps the state updated with your LLC’s contact information. If you fail to file your annual report, the state will automatically dissolve or shut down your LLC. Your annual report will include your LLC name, your office address, your registered agent information, and an LLC number from your Secretary of State. The LLC number is just a number that your state uses to reference and identify your LLC. How do you file and pay your annual report? Generally, there are two ways you can file your annual report with your state: You can file it by mail, or you can file it online. If you file by mail, you will fill out your annual report on your computer, or fill it out by hand. Next, you’ll make a copy for your business records, and then mail the original to the state, along with a check or money order to pay the filing fee. If you file online, you’ll prepare and submit your annual report on the state’s website and pay the filing fee with a debit or credit card. Regardless of what option you choose, it’s important that you file your annual report on time. Most states will send you a reminder to pay and file your annual report prior to the deadline, but not all of them do that. For this reason, we recommend that you keep a repeating reminder on your calendar. What are the consequences for not filing your annual report? If you don’t file your annual report on time, the state will charge you a late fee. If you continue to ignore this requirement, the state will automatically dissolve and shut down your LLC. Some states are stricter than others, so it’s best not to push your luck here. Where do you get your annual report? If you have formed an LLC, but are not sure how to get your annual report from the state, you can visit your state’s website and contact them for guidance. The links to the various states’ websites can be found on our website. If you hired a company to form your LLC, then you need to verify whether they will file it on your behalf, and charge you to do so, or if you need to file it on your own. Remember, just because you paid a company to form your LLC, the annual report is ultimately your responsibility, in order to keep your LLC in compliance and in good standing. If you have not formed your LLC yet, don’t worry. You only have to file your annual report after your LLC is formed. If you hire a company to form your LLC, just make sure to find out whether they will file your annual report for you, or if you need to do it yourself. If you join our online video course, we’ll show you how to file your annual report step by step. We’ll also give you the specifics on filing fees and due dates for your state. In summary, it’s important to make sure you file your annual report on time, so your LLC remains in compliance and in good standing with your state.
Once your LLC is formed, paperwork with the state is not over.
As a part of the ongoing requirements for your LLC, your state requires that you file an Annual Report and pay a filing fee every year.
The Annual Report can take many names:
– Annual Report – Annual Statement – Statement of Information – Periodic Report – Biennial Statement – Decennial Report – And more
And not all Annual Reports are “annual”.
Some may be required to file every year, some every 2 years, and some may be fortunate enough to only have to file every 10 years. It just depends on your state and their requirements.
Since most states refer to the report as the Annual Report, we will do so as well just for simplicity.
The Purpose of the Annual Report
The purpose of the Annual Report is to keep your LLC in compliance and in good standing.
Additionally, it keeps the state updated with your LLC’s contact information.
If you fail to file your Annual Report, the state will automatically dissolve (shut down) your LLC.
Your Annual Report will include your LLC name, your office address, your Registered Agent information, and an “LLC Number” from your Secretary of State.
The “LLC number” is just a number that your state uses to reference your LLC. The easiest way to understand it is to think of it like your LLC’s “driver’s license number”.
Filing Fee and Due Date
Filing fees and due dates for the Annual Report vary by state.
Filing fees can range from $9/year up to $800/year.
Some Annual Reports are due every year.
Some Annual Reports are due every 2 years.
And, some Annual Reports are due every 10 years.
Again, it all depends on your state and its requirements.
If you hired a company to form your LLC, then you need to verify whether they will file it on your behalf (and charge you to do so), or if you need to file it on your own.
Remember, just because you paid a company to form your LLC, the Annual Report is ultimately your responsibility in order to keep your LLC in compliance and in good standing.
If you have not formed your LLC yet:
Don’t worry, you only have to file your Annual Report AFTER you form your LLC.
If you hire a company to form your LLC, just make sure to find out whether they will file your Annual Report for you or if you need to do it yourself.
If you need to file an Annual Report yourself, select your state below, then click on the Annual Report lesson:
In summary, it is important to make sure you file your LLC Annual (or Biennial) Report on time. If you don’t, your LLC will be fined, your LLC be out of compliance, and the state will administratively dissolve (shut down) your LLC. Failure to file the Annual Report is the #1 reason that LLCs are administratively dissolved by the state, so don’t take this lightly.
Forming an LLC shouldn't be so complicated. Our step-by-step guide will make the process a breeze – and no complex legal jargon! LLC University® teaches people how to form an LLC for free in all 50 states. We hope you find our free guides and resources helpful in your business journey.
×
Copyright protected
Warning: This site is copyright protected and we enforce our rights to the fullest extent of the law. It is illegal to reproduce, distribute, or create derivative works without our written consent.
This does not apply to personal, non-distributive use.
