LLC Annual Report: Form an LLC (10/11)
https://www.llcuniversity.com/llc-ann...
This video explains:
The purpose of the Annual Report
Filing fee and due date
How to file and pay your Annual Report
Consequences of not filing
Where do I get my Annual Report?
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-- LLC's ANNUAL REPORT --
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.
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-- 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”.
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-- FILING FEE AND DUE DATE --
See all state fees: https://www.llcuniversity.com/llc-ann...
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.
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-- HOW TO FILE AND PAY YOUR ANNUAL REPORT --
Generally, there are two ways you can file your Annual Report with your state.
You can file by mail or you can file online.
If you file by mail, you will fill out your Annual Report with a blue or black pen by hand (or you can fill it out on your computer).
Next, you will make a copy for your business records and then mail it to the State along with a check or money order to pay the filing fee.
If you file online, you will 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 is important that you file your Annual Report on time.
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-- WHERE DO I GET MY ANNUAL REPORT --
Many people file their Annual Report themselves after their LLC is formed.
If you have formed an LLC:
But you are not sure how to get your Annual Report from the state, you can visit your state’s website and contact them for guidance.
For list of all state links, visit: http://www.llcuniversity.com
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.
In summary, it is important to make sure you file your Annual Report on time, so your LLC remains in compliance with your state.
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