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The objective of the annual report is three-fold. The annual report keeps the Government informed about all the updates, communicates about all the modifications or changes, & keeps the LLC members informed about the necessary taxes and costs. This article has all the information about Arkansas LLC annual report filing in Arkansas.
An annual report can be called an address book, as it features all the relevant addresses of the company & the members. This yearly report is a record of all the company’s activities in an entire year. It is also referred to as the Annual Franchise Tax Report because it helps in filing the franchise tax.
On this page, you’ll learn about the following:
Contents of the Annual Report
Typically the annual report filed by an Arkansas LLC (or any other business entity for that matter) will include all the information related to its business & members. The standard contents of the annual report or the annual franchise tax report are
- Office Address of the LLC
- Names & Addresses of the Members & managers.
- Identification Documents
- Social Security numbers of the key members of LLC
- The objective of the business of LLC
- List of all the signatories of the LLC
- Information of the registered agent, if any
Arkansas LLC Annual Report
If you are an LLC owner, you probably must be wondering if an Annual report is required to be filed with the authorities or not. In Arkansas, the annual report is termed as Annual Franchise Tax Report. This Franchise Tax Report is filed every year with the Arkansas Secretary of State.
Does the State of Arkansas Require an Annual Report Filing?
The State of Arkansas does not have any Initial Report Requirements. But, it is mandatory to file the Arkansas annual report (known as the Annual Franchise Tax Report) with the Arkansas Secretary of State.
All the legal entities such as C Corporations, Limited Partnerships, Limited Liability Companies are bound to file the Franchise Tax report along with the Franchise Tax.
Annual Franchise Tax Report Deadline
The Franchise Tax Report must be filed by May 1st each year with the franchise tax of $150. Every LLC is bound by this rule, except an LLC in its first calendar year of the business. For the first calendar year of business, an LLC will file the annual report next year. E.g., the LLC, which was formed in the month of January in 2021, will be submitting the annual report on May 1st, 2022.
Penalties for Non-filing or late filing
Filing the Franchise Tax report is essential for every type of entity in the State of Arkansas, so much so that there can be penalties for non-filing the Franchise Tax Report. The non-filing penalty or the late filing penalties of the annual report is $25. Most States charge additional penalties in case of a lapse in a filing.
Why Do LLCs Have to File the Annual Report?
Some of the states are not required to file this yearly report, commonly known as the Annual Report. However, there are some reasons why states should file an LLC Annual Report. Here are some reasons,
To Maintain the Accuracy of the Information
An annual report filed by the LLC has all the updated information about its official addresses & the names or addresses of all its officials. This updated information allows the State authorities to track down any LLC when communicating.
To Provide the Correct Correspondence
Many times, any creditor or other entity willing to transact with the LLC requires the correct correspondence address. If this information (which can only be modified with the help of an annual report) is not updated every year, such entities will not be able to communicate with them.
To Notify the Government About All the Significant Changes
If you have changed your main business address or had new business appointments of managers or members, the annual public information report notifies the State Government Entities about it. So, the next time someone questions a newer reform that you have introduced in your LLC, you will be saved because you had submitted the information with the Government.
To Provide an Activity Log of an LLC
The Annual report is like an activity log of the LLC. It brings on record; all the transactions, new associations, appointments, etc. & keeps those records intact for all future references.
To Help You With the One-time Filing of Taxes
The annual report is an excellent means to keep you on your toes in case of your dues payment. Every LLC must pay the taxes through the annual report filing. By filing the report on time, the LLC can manage the exemptions & can avoid penalties imposed by the Government.
To Enable the State to Track the Payments
The government authorities use all the information filed through the annual report to track State Taxes’ payments.
How to File a Arkansas LLC Annual Report
The Annual Franchise Tax report can be filed online or by mail in Arkansas. The Franchise Tax Report must be filed by May 1st each year.
Steps to File Arkansas LLC Annual Report Online
Time needed: 5 minutes
Here are the steps to file LLC annual report in Arkansas online.
- Visit the Arkansas Secretary of State site.
Your first step to filing an Annual Franchise Report in Arkansas is to visit the Arkansas secretary of state’s site to create an account or sign in to the portal.
- Enter your File Number
As the second step of filing the Annual Franchise Tax Report, you have to enter the file number in the given box; if you don’t know your file number, you can search the same by clicking on the link beside it.
- Enter your Federal Tax ID
Once you have entered your file number, you have to enter the Franchise Tax ID in order to calculate the taxes owed by you. If you do not have your Federal Tax ID or if it is your first year of filing the Federal Tax ID, then you can enter nine zeros (000000000) in the given box.
- Click on Show Available filings.
Once you have entered the Franchise Tax ID or you have entered the none zeros in the box, click on the show available filings button to see the list of filings owed by you.
- For Multiple filings, log in using your username and password & click on the Login & file button.
If your LLC has to file multiple franchise tax filings per year & if you have already signed up for the batch filings, then this section of filing is for you. You have to enter your login details & just have to click on the login-file button.
Filing Arkansas LLC Annual Report By Mail
To file the Annual Report in Arkansas by mail, follow the below steps,
- Go to the Arkansas Secretary of State Site.
- Get the Annual Franchise Report Form from the list of forms.
- Look for the form listed under year 21.
- Download the form (.pdf) on your personal computer.
- You need Adobe Reader installed to fill-up the form.
- Fill up the forms with the correct information and save it.
- Print the forms and attach the required documents.
- Write a paper check properly to make the payment.
- Send the printed copies of the forms and documents to the address, Arkansas Secretary of State, Ste. 250, Victory Building, 1401 West, Capitol Ave, Little Rock, AR 72201
Arkansas LLC Annual Report (Domestic & Foreign)
| State Office: | Arkansas Secretary of State, Ste. 250, Victory Building, 1401 West Capitol Ave, Little Rock, AR 72201 Links to Website, Forms, File & Pay |
| Due Date: | May 1st Every year. |
| Filing Fee: | The filing fee for filing the report online is $15 for filing it by mail & $5 for filing it online. |
| Penalty: | The Arkansas Secretary of State levies a $25 penalty on a report that is filed late, plus $.05 per day for every delayed day. |
| Filing Method: | An Arkansas LLC can file the report Online Or by Mail |
| Forms: | The form to file the Annual Franchise Tax Report can be found on this link. |
| Important Information: | Once a Domestic or Foreign Arkansas Limited Liability Company submits the Franchise Public Information Report along with the prescribed taxes to the Arkansas Secretary of State, it is considered a complete filing. |
Seek the Help of a Registered Agent
Every State will have a different rule for filing the Annual Report. Usually, it is submitted every year, but it is submitted once in two years in some states. Some states require the filing of the report only once in ten years.
Not only the timing, the mode of filing, the proper addresses, exemptions, legality, annual report compliance, etc., have to be taken care of while paying the taxes or filing any reports with the State authorities. In many such scenarios, it is advised that an LLC appoints a Registered Agent to manage all this. Check out the best LLC service that offers all the services at an affordable price. An experienced agent is required for:
- Streamlining the mandatory processes & filing.
- Sending or receiving any documents.
- Reminding you about important dates of filing or payment of taxes.
- Simplifying the filing procedures.
- Avoid any penalties.
- Flexibility in working.
- Maintaining Privacy (as it keeps your personal records off the public record)
You can read more about an Arkansas Registered Agent here.
FAQs
Yes, an annual report is essential for every business entity in most states. Some states also ask to file biennial or decennial reports to be filed.
A Yearly Business Report or the annual report typically incorporates the address of the business, names & addresses of the members, a list of all the signatories, SSN of the members, & details of the registered agent.
A Registered Agent is well-aware of all the filing requirements, annual report filing fee, & overall Annual Report compliance. The knowledge & proficiency of the registered agent allows the smooth filing of reports & other fees.
The most important thing for filing an Annual Report is record keeping. Make sure that you document every other transaction well.
Yes, the fees may vary depending on the type of entity or the type of legal entity you are representing.
How Fast Can I Fill Arkansas LLC Annual Report
Filing an annual report for an Arkansas LLC may seem like a daunting task, but it doesn’t have to be. In fact, with the right approach and mindset, the process can be completed relatively quickly and painlessly. The key is being organized, prepared, and proactive.
The first step in filling an Arkansas LLC annual report quickly is to understand the requirements and deadlines set forth by the state. By knowing what is expected and when it is due, you can create a plan to ensure that you have more than enough time to gather all necessary information and complete the filing on time.
Another way to speed up the process is to stay organized throughout the year. Maintaining accurate and up-to-date records of your business activities will make it easier to compile the information needed for the annual report. Keeping track of important documents, financial statements, and other relevant information on a regular basis will save you time when it comes to filing.
It’s also important to be proactive when it comes to filing your annual report. Don’t wait until the last minute to start gathering information and completing the necessary forms. By staying ahead of the game, you can avoid any potential delays or issues that could arise from rushing through the process.
Utilizing technology can also help streamline the filing process. Many online tools and software programs are available to assist with completing and submitting annual reports. These tools can help automate certain tasks, provide reminders of upcoming deadlines, and ensure that all required information is accurately included in the report.
Another way to expedite the filing process is to seek professional assistance. Hiring a business consultant or accountant who is familiar with Arkansas LLC requirements can help ensure that your annual report is completed correctly and submitted on time. These professionals can offer valuable insights and guidance, saving you time and eliminating any potential errors or omissions.
Ultimately, the speed at which you can fill your Arkansas LLC annual report will depend on your level of preparedness, organization, and proactive approach. By taking the time to understand the requirements, stay organized, utilize technology, and seek professional assistance when needed, you can streamline the process and ensure that your business remains in good standing with the state.
In conclusion, filing an annual report for your Arkansas LLC doesn’t have to be a daunting task. With the right mindset and approach, you can complete the process quickly and efficiently. By staying organized, proactive, and utilizing available resources, you can ensure that your business remains compliant and in good standing with the state.
In Conclusion
In conclusion, we can see that the annual report – which is also called the Franchise Tax Public Information Report is much easy to be filed. However, it is mandatory to file the report on time to avoid any penalties. If you are running an LLC in the state of Arkansas, you have to comply with the filing of certain important documents including the annual report or the Franchise Tax Public Information Report as it is named in the state of Arkansas.
It is also important to note that once this Public Information Report is filed with the Comptroller of Public Accounts, there is no need for additional filing with the secretary of state.