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 Hawaii LLC annual report filing in Hawaii.
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 a Hawaii 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
Hawaii LLC Annual Report
An Annual report is essential for all business types. It authenticates that the information provided to the Secretary Of the State is accurate & updated. The information provided in the annual report helps the State officials to ensure that all the companies pay taxes. The Hawaii Annual Report is filed with the Hawaii Department of Commerce and Consumer Affairs.
Does the State of Hawaii Require an Annual Report Filing?
In Hawaii, it is essential for all Business Entities to file an Annual Report. This includes all the legal entities such as C Corporations, Limited Partnerships, Limited Liability Companies, bound to file the Annual Report.
Annual Report Deadline
As mentioned above, filing the Annual report is a mandatory requirement even for an LLC. An LLC operating in Hawaii has to file the Annual report with the Hawaii Department of Commerce and Consumer Affairs. The due date of the Annual Report is calculated on the basis of the quarter in which the Business was registered.
Penalties for Non-filing or late filing
An Annual Report is one of the important documents filed by an LLC. The Hawaii Government charges a $10 late fee for the late filing of an annual report. If the LLC is unable to file the annual report for two or more consecutive years, the Department of Commerce and Consumer Affairs has the right to dissolve the LLC.
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, for tracking the payment of State Taxes.
How to File a Hawaii LLC Annual Report
The Hawaii LLC Annual Report can be filed online, in person, or it can be filed by mail. The due date of the Annual Report is calculated on the basis of the quarter in which the Business was registered.
Steps to File Hawaii LLC Annual Report Online
Time needed: 5 minutes.
Below is the procedure to file the Hawaii LLC Annual Report online.
- Visit Hawaii’s Government Website.
Your first step in filing the Hawaii Annual Report is to visit Hawaii’s Government Website & click on the tab titled Business.
- Click on “Business Annual Report Filing” in the list of the tabs.
Once you click on the Business Annual Report Filing tab from the list of the tabs before you.
- Enter your business name.
Upon clicking on the Business Annual Report Filing tab, you will see the following page. Enter your LLC business name in the search box & search.
- Select your business from the search results.
After carefully reading the names of every business listed in the search results, choose your business.
- Click on begin your annual report button.
Once you have selected your business on Hawaii’s Official State Website, click on the Begin your Annual Report button & submit the relevant information with the filing fee of $12.50.
Filing Hawaii LLC Annual Report By Mail
To file the LLC Annual report in Hawaii, you can follow the steps as mentioned below:
- Go to Hawaii Registration Forms, Fees & Information page.
- Scroll down & choose ‘Domestic or Foreign LLC’ in the type of corporations’ tabs.
- Click on the Complete listing of all fillable PDF forms
- In the list of forms, choose & download the Domestic Limited Liability Company Annual Report ( Form C5 )
- Download the form on your computer.
- Fill the form with correct information.
- Send the printed copies of the forms and relevant documents with the $15 fees to the address: Department of Commerce and Consumer Affairs, Business Registration Division, P.O. Box 40, Honolulu, HI 96810
Hawaii LLC Annual Report (Domestic & Foreign)
| State Office: | Department of Commerce and Consumer Affairs, Business Registration Division, P.O. Box 40, Honolulu, HI 96810 Links to Website, Form |
| Due Date: | The due date of the Annual Report is calculated on the basis of the quarter in which the Business was registered. The Department of Commerce and Consumer Affairs notifies the businesses when the annual report filing is due. |
| Filing Fee: | The Online filing fee of the Hawaii LLC’s Annual Report is $12.50 & the fee to file in person or by mail is $15. |
| Penalty: | An Annual Report is one of the important documents filed by an LLC. The Hawaii Government charges a $10 late fee for the late filing of an annual report. If the LLC is unable to file the annual report for two or more consecutive years, the Department of Commerce and Consumer Affairs has the right to dissolve the LLC. |
| Filing Method: | An LLC can file the Annual Report Online, in person, or by mail. |
| Forms: | Domestic Limited Liability Company Annual Report (Form C5) |
| Important Information: | Once a Domestic or Foreign Hawaii Limited Liability Company submits the Annual Report along with the prescribed fees to the Hawaii Department of Commerce and Consumer Affairs, the filing is said to be complete. |
How Fast Can I Fill Hawaii LLC Annual Report
Deadline for filing the annual report for LLC in Hawaii is variable based on the formation date of your LLC. You can file it online, by mail or in-person.
Filing the Hawaii LLC Annual Report is a requirement for all LLCs registered in the state of Hawaii. The report is usually due by the end of the year, and failure to file it on time could result in hefty fines and other penalties. Therefore, it is important to understand how quickly you can fill out the report and get it filed.
The first step to filing the Hawaii LLC Annual Report is to obtain the necessary forms. The forms for the report are available on the Hawaii Business Express website. You can download and print them out, or you can have them mailed to you. Once you have the forms, you will need to fill them out. This includes information about the LLC, such as its name, address, registered agent, and principal place of business. You will also need to provide information about the members of the LLC and the managers of the LLC.
The next step is to get the LLC’s financial information. This includes the LLC’s balance sheet, income statement, and statement of changes in equity. You will also need to provide information about the LLC’s assets and liabilities. This information can be obtained from the LLC’s books and records.
Once you have all the information you need, you can begin filling out the forms. It is important to provide accurate information and to make sure that all the information is up to date. Once you have completed the forms, you will need to sign them and submit them to the state of Hawaii.
The entire process of filling out the Hawaii LLC Annual Report can be completed in as little as a few hours, depending on how quickly you can obtain the necessary information and fill out the forms. However, it is important to allow yourself enough time to complete the report accurately and to submit it on time. Filing the report late can result in fines and other penalties, so it is important to make sure that you are filing it correctly and on time.
Once you have filed the report, you will need to wait for it to be processed by the state. This can take anywhere from a few days to a few weeks. Once it has been processed, you will receive a confirmation that the report has been accepted.
Filing the Hawaii LLC Annual Report is an important task for all LLCs registered in the state of Hawaii. It is important to make sure that you are filing the report on time and that all the information submitted is accurate. The entire process of filling out and filing the report can be done quickly, provided that you have all the necessary information and forms. Once the report is filed, you will need to wait for it to be processed before you will receive confirmation that it has been accepted.
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 a Hawaii 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.
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 Hawaii, 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 Hawaii.
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.