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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 Indiana LLC annual report filing in Indiana.
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.
Contents of the Annual Report
Typically the annual report filed by an Indiana 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 the LLC
- The objective of the business of LLC
- List of all the signatories of the LLC
- Information of the registered agent, if any
Indiana LLC Biennial Report
Similar to many states in the US, LLCs in Indiana have to file a Biennial Report in Indiana. The Biennial Report allows the Secretary of State to track the changes in the company’s addresses or any new appointments of members. Filing the Annual Report is an essential rule for all types of business entities, including Corporations, LLCs, & Non-profit Organisations operating in Indiana.
Does the State of Indiana Require an Annual Report Filing?
It is mandatory for an LLC to file a Biennial Report in the State of Indiana with the office of the Indiana Secretary of State. In addition to LLCs, legal entities such as LLPs & Corporations are bound to file the Biennial Report, which is also known as the Business Entity Report.
Biennial Report Deadline
The Indiana Biennial Report must be filed every two years by the end of the company’s anniversary month. Every LLC in Indiana must file the Biennial Report to keep the company in good standing.
Penalties for Non-filing or late filing
Filing the Biennial Report with the Indiana Secretary of State is essential. The Indiana authorities do not charge any late filing fees but, a delay of more than 120 days can cause the dissolution of 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 an Indiana LLC Biennial Report
The Indiana LLC Biennial Report can be filed online, or it can be filed by mail. The Indiana Biennial Report must be filed biennially by the end of the company’s anniversary month.
Steps to File Indiana LLC Biennial Report Online
Time needed: 5 minutes.
Below is the procedure to file the Indiana LLC Biennial Report online.
- Visit Indiana’s Secretary of State Site.
Your first step in filing the Indiana Biennial Report is to visit the Indiana Secretary of State website
- Go to the “Business Forms” Page.
On the left panel, click on “Business Services division,” then select “Division Forms,” & finally, choose “Business Forms”
- Choose “Business Entity Reports.”
In the list of business forms, scroll down to Business Entity Reports. Click on File online tab under it.
- Scroll down on the INBIZ page.
Upon clicking on the Business Entity Reports, click on the file online tab. Clicking on the File Online option will take you to the Indiana INBIZ page. This page is meant for all the business filings in Indiana.
- Click on “File my Business Entity Report”.
Scroll down & click on the file my business entity report.
- Click on “File my Report”
On the next pop-up, you will see the option of filing. Click on File my report, & begin the process of filing the Biennial Report (Business Entity Report)
Filing Indiana LLC Annual Report By Mail
To file the LLC Annual report in Indiana, you can follow the steps mentioned below,
- visit the Indiana Secretary of State website
- Click on the Business Services Division.
- select “Division Forms” & then choose the “Business Forms” option under it.
- In the list of forms, choose Business Entity Reports.
- Select Business Entity Report 48725.
- 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: Indiana Secretary of State, 302 West Washington Street, Room E018, Indianapolis, IN 46204
Indiana LLC Biennial Report (Domestic & Foreign)
| State Office: | Indiana Secretary of State, 302 West Washington Street, Room E018, Indianapolis, IN 46204 Links to Website, Forms |
| Due Date: | Every two years, by the end of the company’s anniversary month. |
| Filing Fee: | The filing fee for online filing is $32 & filing by mail costs $50. |
| Penalty: | The Indiana authorities do not charge any late filing fees but, the delay of more than 120 days can cause dissolution of the LLC. |
| Filing Method: | The Indiana Annual Report can be filed online or by mail. |
| Forms: | The form to file the Indiana Biennial Report can be found here. |
| Important Information: | Once the Biennial report is filed with the Indiana Secretary of State with appropriate fees, the process of filing shall be complete. |
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)
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
An LLC has to file many types of reports, such as Application for Reinstatement, Periodic Report of a limited partnership (usually filed by the exempt nonprofit organization), etc., which are required depending on the type of entity. The Annual Report is mandatory irrespective of the entity type. It requires compliance across entities.