The LLC Annual Report
So you’ve formed your LLC (Limited Liability Company) and you want to start your business operations.
Feels good, doesn’t it? But as with any type of business, there are certain reports that LLCs need to comply with.
So why not start learning about it as early now right?
What is an LLC Annual Report?
An LLC annual report contains certain information about the LLC.
It isn’t as exhaustive or detailed as the reports submitted by major companies, but it is still important.
Almost all states require LLCs to file an annual report, with only a few states that don’t require it.
Also referred to as a statement of information, an LLC annual report is designed to inform the state that your LLC is in with relevant and current details about the LLC itself.
That also includes any updates and changes that have happened to the LLC since the last filing.
It’s also designed to keep the LLC compliant with all state regulations and make sure that it is in good standing.
What’s included in an LLC annual report?
What’s to be included in an LLC’s annual report will vary from state to state.
However, there will be certain pieces of information that you’d commonly find in LLC annual reports no matter which state the LLCs are in.
- The LLC’s legal name
- The LLC’s principal business address
- The name and addresses of the LLC’s members and managers
- All important identification numbers for the LLC (e.g. state entity number)
- The purpose of the LLC
- A list of the LLC’s authorized signatories
- The LLC registered agent’s information
Note that information written in the LLC annual report must be current and up-to-date.
It must also be accurate and factual.
Inaccurate or false information may result in unnecessary fees and penalties, and in some cases, may even be considered fraud.
When to submit an LLC annual report? And how often?
The due dates for your LLC’s annual report will depend on which state it is in.
It could be a fixed date, or it could depend on the anniversary date of your LLC’s registration.
It’s recommended that you consult your secretary of state for the appropriate due date of your LLC annual report.
As its name suggests, LLC annual reports are usually filed yearly, meaning you need to file a report once a year.
However, some states only require you to file once every two years.
Pennsylvania only requires that an annual report be filed once every ten years.
Here’s a table for a quick view of each state’s annual report due date and frequency of submission:
|State||Name of Report||Due Date||Frequency of Submission|
|Alabama||Business Privilege Tax Return||Same as the federal return||Once a year|
|Alaska||Biennial Report||January 2||Once every 2 years|
|Arkansas||Annual Franchise Tax Report||May 1||Once a year|
|California||Annual Franchise Tax Report||The 15th day of the 4th month from the formation date||Once a year|
|California||Statement of Information||Last day of the anniversary month||Once every 2 years|
|Colorado||Periodic Report||Three-month window starting on the first day of the formation month||Once a year|
|Connecticut||Annual Report||Anniversary date||Once a year|
|Delaware||Alternative Entity Tax||June 1||Once a year (optional)|
|Florida||Annual Report||May 1||Once a year|
|Georgia||Annual Registration||April 1||Once a year|
|Hawaii||Annual Report||The quarter that contains the anniversary month||Once a year|
|Idaho||Annual Report||Last day of the anniversary month||Once a year|
|Illinois||Annual Report||Anniversary date||Once a year|
|Indiana||Business Entity Report||Last day of the anniversary month||Once every 2 years|
|Iowa||Biennial Report||April 1||Once every 2 years|
|Kansas||Annual Report||The 15th day of the 4th month after the close of the fiscal year||Once a year|
|Kentucky||Annual Report||June 30||Once a year|
|Louisiana||Annual Report||Anniversary date||Once a year|
|Maine||Annual Report||June 1||Once a year|
|Maryland||Annual Report||April 15||Once a year|
|Massachusetts||Annual Report||Anniversary date||Once a year|
|Michigan||Annual Report||February 15||Once a year|
|Minnesota||Annual Renewal||December 31||Once a year|
|Mississippi||Annual Report||April 15||Once a year|
|Montana||Annual Report||April 15||Yearly|
|Nebraska||Biennial Reports||April 1||Once every 2 years|
|Nevada||Annual List of Managers or Members||Last day of the anniversary month||Once a year|
|New Hampshire||Annual Report||April 1||Once a year|
|New Jersey||Annual Report||Last day of the anniversary month||Once a year|
|New York||Biennial Report||Last day of the anniversary month||Once every 2 years|
|North Carolina||Annual Report||April 15||Once a year|
|North Dakota||Annual Report||November 15||Once a year|
|Oklahoma||Annual Certificate||Anniversary date||Once a year|
|Oregon||Annual Report||Anniversary date||Once a year|
|Pennsylvania||Decennial Report||December 31||Once every 10 years|
|Rhode Island||Annual Report||November 1||Once a year|
|South Dakota||Annual Report||First day of anniversary month||Once a year|
|Tennessee||Annual Report||The 15th day of the 4th month after the close of the fiscal year||Once a year|
|Texas||Texas Franchise Tax Report||May 15||Once a year|
|Public Information Report (PIR)||Once a year|
|Utah||Annual Renewal||Anniversary date||Once a year|
|Vermont||Annual Report||Within three months following the fiscal end||Once a year|
|Virginia||Annual Registration||Last day of the anniversary month||Once a year|
|Washington||Annual Report||Last day of the anniversary month||Once a year|
|West Virginia||Annual Report||July 1||Once a year|
|Wisconsin||Annual Report||Last day of the quarter that contains the formation month||Once a year|
|Wyoming||Annual Report||First day of anniversary month||Once a year|
|Washington DC||Biennial Report||April 1||Once every 2 years|
Be mindful of the due date of your LLC’s annual report.
Be sure to submit them on time as submitting late reports, or not submitting any at all will incur hefty penalties.
Aside from late fees, penalties, and extra taxes, a state may even automatically dissolve your LLC.
To be always reminded of your LLC annual report due date, it is recommended that you set a repeating reminder on your calendar.
This is especially useful if your LLC is in a state where the due date isn’t fixed, and even more so if your LLC is registered and operates in several states.
Annual reports and Fees
Aside from filing annual reports, LLCs need to pay annual fees.
The amount varies from state to state.
Take note that this annual fee is separate from the one-time LLC filing fee you pay when registering your LLC.
The frequency of payments will also vary from state to state, though most states tie it to the filing of annual reports.
For example, in the state of Arkansas, you need to file an LLC annual report as well as pay the LLC annual fee every year.
Here’s a table for a quick view of each state’s LLC annual fee:
|State||LLC Annual/Biennial Fee|
|Alabama||$100 minimum (every year)|
|Alaska||$100 (every 2 years)|
|Arizona||$0 (no fee and no information report)|
|Arkansas||$150 (every year)|
|California||$800 (every year) + $20 (every 2 years)|
|Colorado||$10 (every year)|
|Connecticut||$80 (every year)|
|Delaware||$300 (every year)|
|Florida||$138.75 (every year)|
|Georgia||$50 (every year)|
|Hawaii||$15 (every year)|
|Idaho||$0 (however, an information report must be filed every year)|
|Illinois||$75 (every year)|
|Indiana||$30 (every 2 years)|
|Iowa||$45 (every 2 years)|
|Kansas||$50 through online, $55 by mail (every year)|
|Kentucky||$15 (every year)|
|Louisiana||$35 (every year)|
|Maine||$85 (every year)|
|Maryland||$300 (every year)|
|Massachusetts||$500 (every year)|
|Michigan||$25 (every year)|
|Minnesota||$0 (however, an information report must be filed every year)|
|Mississippi||$0 (however, an information report must be filed every year)|
|Missouri||$0 (no fee and no information report)|
|Montana||$20 (every year)|
|Nebraska||$10 (every 2 years)|
|Nevada||$350 (every year)|
|New Hampshire||$100 (every year)|
|New Jersey||$75 (every year)|
|New Mexico||$0 (no fee and no information report)|
|New York||$9 (every 2 years)|
|North Carolina||$200 (every year)|
|North Dakota||$50 (every year)|
|Ohio||$0 (no fee and no information report)|
|Oklahoma||$25 (every year)|
|Oregon||$100 (every year)|
|Pennsylvania||$70 (every 10 years)|
|Rhode Island||$50 (every year)|
|South Carolina||$0 (no fee and no information report, unless LLC is taxed as an S-Corp )|
|South Dakota||$50 (every year)|
|Tennessee||$300 (every year)|
|Texas||$0 for most LLCs (however a No Tax Due Report and Public Information Report must be filed every year)|
|Utah||$20 (every year)|
|Vermont||$35 (every year)|
|Virginia||$50 (every year)|
|Washington||$60 (every year)|
|Washington DC||$300 (every 2 years)|
|West Virginia||$25 (every year)|
|Wisconsin||$25 (every year)|
|Wyoming||$60 minimum (every year)|
Be sure to pay the appropriate amount of fees on time!
As with late filing or non-filing of the annual report, late payment or even non-payment of your LLC annual fee will result in severe consequences.
How do I file my LLC annual report and pay my LLC annual fee?
Depending on which state your LLC is in, you may submit your annual report either via mail (to the secretary of state) or through online filing.
You can pay your LLC annual fee when you file your LLC annual report.
For online filing, you may pay via online payment.
If filed by mail, you may attach a check or money order for the payment of the annual fee.
Optional Business Reports
Aside from the required LLC annual report, you may also prepare other business reports for your LLC.
While these reports are not required to be submitted by the state, they will help you in understanding your business more.
Examples of these reports are:
Financial Statements/Reports – including the three main financial statements (balance sheet, income statement, cash flow statement), and other financial reports such as financial analysis, projections, and forecasts.
These reports contain information about your company’s financial position, the efficiency of operations, profitability, flow of cash, etc.
Executive Summary – a one-page summary of all the key financial and other important information about your company; a quick and handy general view of your company’s performance
Report on Risks/Opportunities – a report on risks and opportunities related to the company, and how they are being dealt with; helps with knowing how and where your company can grow
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