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If you’re a business owner, you have enormous responsibilities. When your business is running smoothly, you can’t afford to interrupt your day-to-day to file extra paperwork. However, if you registered your business as an LLC, you may want to pause to file your LLC Annual Report. 

You might be wondering: What is an LLC Annual Report?  

LLCs are required to file Annual Reports in the states where they operate. LLC Annual Reports are informational filings that help states update their records and allow businesses to stay in good standing. Missing a filing can subject your business to fines and penalties. 

This article will explain what an LLC Annual Report is, how to file the form, and what you’ll need to submit to your state. Follow this guide to stay ahead of these important filings. 

What Is an LLC Annual Report?

An LLC Annual Report is an informational form businesses must file in any state where the LLC is registered. Reports are typically submitted to the Secretary of State each year. LLCs need to keep up with Annual Reports to stay in good standing with the state and avoid dissolution. 

Some states refer to the Annual Report as an “Information Report” or “Annual Statement.” Regardless of the terminology, the report captures the LLC’s latest business details. 

Keep in mind that LLC Annual Reports differ from other statutory filings like financial statements, tax returns, and investor relations materials like press releases. 

What Is the Purpose of the LLC Annual Report? 

The Secretary of State uses Annual Reports to maintain records of each LLC’s business and financial information. The reports help states keep track of changes to the business owners, locations, and contact information. 

What to Include in an Annual Report  

Each state uses a different format, but most Annual Reports ask similar questions. You’ll typically need to provide the LLC’s name, location, and contact information. 

These are common entries you can expect to see on your state’s form:

  • Your LLC’s legal name. This should match the name you used on your LLC registration.
  • LLC identification number (State ID Number and/or EIN). Your Secretary of State likely provided an ID number when it approved your LLC.
  • Principal business location in the state. List your LLC’s office address where you receive mail.
  • LLC owner and member information. You’ll report names, addresses, and ownership percentages.
  • Registered agent information. Include your registered agent’s address in the state. 
  • Financial details for the current year. Some states request balance sheets or tax return data. 

How Much Is the Fee for Filing an LLC Annual Report? 

You’ll need to pay an LLC Annual Report fee in most jurisdictions. 

The amount varies from state to state. Fees can be as low as $0 (Idaho) or as high as $500 (Massachusetts), but most Annual Report fees are less than $100. You may need to pay a fee to maintain your LLC registration, even if your state doesn’t require an LLC Annual Report. 

Review your Secretary of State’s website to find out what you’re required to file and pay. Make sure to watch for service charges and taxes due with the report. Some states require LLCs to calculate and pay franchise taxes along with the Annual Report submission. 

By the way, if you have questions about your business taxes, we’ve got you covered. 

Do LLCs Need to File an Annual Report?

The short answer? Yes. 

You should submit an LLC Annual Report in the states where the LLC is registered. There are a few exceptions; for example, Arizona doesn’t require LLCs to file Annual Reports. Also, some states – like Alaska, Indiana, and New York – have biennial (every two years) reporting requirements. 

Be aware that if you’ve registered your LLC in multiple states, you may need to file multiple Annual Reports.

When Are LLC Annual Reports Due? 

Due dates are determined state-by-state, so your LLC Annual Report’s due date depends on where the LLC is registered. Deadlines often fall into one of the following categories: 

  • The anniversary month when your LLC was first registered with the state. For example, if your Wyoming LLC registration was effective in July of any given year, you’ll need to submit your report by July 1st of each subsequent year.
  • A fixed date for all LLCs registered with the state. As an example, all LLCs registered in Georgia must file annually before April 1st. 

Some states offer due date reminders or automatically send blank Annual Reports to each business. Sign up for these services to ease your administrative burden. 

How to File an LLC Annual Report

Now you know what an LLC Annual Report is and why you should care. Follow these steps to learn how to file the Annual Report for your LLC. 

Step 1: Double-Check Your State’s Rules 

Save yourself a headache by understanding the filing requirements in your state. Use the resources on your Secretary of State’s website, and call the customer service line if you have questions. 

Find answers to the following questions: 

  • What is the due date of my LLC Annual Report? 
  • What filing fees are due with my LLC Annual Report?
  • What is the filing process for my state?

We know this can feel overwhelming. Schedule a free consultation and let us help with your LLC compliance. 

Step 2: Choose Your Filing Process

As you get a grasp on your state’s rules, you’ll find out which filing methods your state allows. Common options include the following: 

  • Use the Annual Report form that your state mailed to your LLC. You’ll fill out and mail the completed form back to the state.
  • Print a blank report from your state’s website. You’ll complete the form and mail it to the address listed online.
  • Submit the form online. You’ll access your state’s web portal, log into your LLC’s account, and enter your LLC Annual Report information electronically.

Note: Filing online might be the most cost-effective method, but setting up an online account could take days (or more), depending on your state’s back-end processes. Don’t let your account setup delay your filing!

After you confirm your filing method, move on to the next step and fill out your LLC Annual Report. 

Step 3: Gather Your LLC’s Information and Prepare Your Annual Report

Compile responses to the questions on the form. Attention to detail is key. 

Budget time to check for any business changes during the year and ensure you report the latest information. You may also need signatures from other business owner(s). 

Step 4: File Your Annual Report and Pay the Filing Fee

Lastly, file your LLC Annual Report. Double-check your entries and make sure you haven’t missed any responses. 

Remember to include your filing fee. If you plan to mail your LLC Annual Report, send a check along with the form. Read the form instructions for specifics on check payments. 

Submitting the form online? Follow the prompts in your state account portal for submitting ACH or card payments.

What to Expect After You File an Annual Report

Congratulations, the hard part is done! 

You’ve submitted your LLC Annual Report, and you’re probably wondering if your state received the form. Each state has its own approach to confirmations, but most states use a variation of the following:  

  • If you mailed your LLC Annual Report, your state might send you a paper or electronic receipt during the following several business days. However, some states do not acknowledge Annual Report submissions; you should monitor the status of the check you sent. 
  • If you filed your LLC Annual Report online, you’ll see a printable confirmation screen after you submit the report and payment. Most states include a confirmation code. We recommend printing the page for your records. 

Does uncertainty cause you concern? Contact your Secretary of State via email or phone; a representative might be able to verbally confirm your report was received. 

Penalties for Not Filing an Annual Report

Considering the LLC Annual Report might feel like an administrative annoyance, you’ll suffer steep consequences for failing to file or pay. 

Depending on your state’s laws, you could be subject to late fines and penalties if you miss a deadline. Even worse, your state could involuntarily dissolve your LLC. The reinstatement process is typically costly and time-consuming. 

Avoid extra fees and stay in good standing with the state by following the steps we’ve covered in this guide.  

Work with Accounting Professionals Who Specialize in LLC Compliance

Feeling confused? You’re not alone. 1-800Accountant can support your LLC with Annual Reports, business taxes, and more. We even offer an Annual Report so you can skip the struggle of finding the correct form. We’ll help you prepare for these critical deadlines. 

Schedule a free consultation with our professional accountants who can guide you through your LLC compliance. 

This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. 1-800Accountant assumes no liability for actions taken in reliance upon the information contained herein.