LLC Annual Report Filing for 2024: A Beginner’s Guide


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

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When it comes to the Limited Liability Companies, a lot of work is there that needs to be done once the business entity has formed. For one, you must file your LLC annual report.

This is a kind of document which every LLC business needs to submit by the end of the financial year. The statement consists of all the doings of the business, starting from the transactions it made to the hiring of new employees and so on.

LLC Annual Report

All the annual report filings as per the calendar are prepared with the sole aim of informing the government officers about the happenings in the Liability Company for the prior year.

Importance of Filing LLC Annual Report with Payment

When you form a business, there are various steps related to it. Be it naming your LLC, having a website (check out BlueHost), or having the documents, it is necessary to have it all properly. Similarly, it is essential for every LLC business to file the annual report once they complete one year of servicing in the industry. Once the time comes, your registered agent will remind you of the annual report requirements, and accordingly, you have to prepare it.

However, before you learn more about the report and the steps to file the document, let’s find out the main reasons why this particular form is so important for both domestic and foreign LLC.

Notify the government authorities about the changes

One of the main reasons for completing this paperwork is that after submitting it, you will be able to keep the authorities informed about every type of change brought into the LLC business over the past year. Since the government will be informed, you will be able to avoid any legal cases in case someone wishes to sue you against a reform you have introduced in your incorporation.

Keep a written record of all the doings of the LLC.

When you list down everything in the annual financial report letter, you will be actually making a written detailed record of everything your company has done in the previous year. From the payment transactions, it was involved in the business manager appointment or transference; all the records will be preserved for future references.

Help you in filing properly for the business entity tax.

Lastly, for an LLC entity type, you will need the annual online report to pay the taxes, handle the exemptions, and also avoid any kind of government-imposed penalties.

When to File the LLC Annual Report?

Once the time comes, your registered agent will inform you about the potential dates for the submission of the annual registration report. Following two date forms are usually chosen for the corporations:

  • On the anniversary date
  • A backdated submission as compared to the anniversary date

If you want to avoid the consequences of late reports filing, you need to be very careful about the date and work closely with the members and the directors for the preparation of the same.

Get A Professional Agent

Different states have different regulations when it comes to file an LLC Annual Report. Some states require yearly filing, some require filing once in two years. Hence, it is recommended to get a professional help to file an Annual Report. We have a top 3 list for you to choose the best LLC service from.

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Annual Report Filing Fee

Every LLC has to pay a fixed amount of fee for filing the Annual Report. The fee depends on the state regulations. The Annual Report Fee starts from $20 to $100 approximately. Check out the Cost of LLC to know more about the fees and charges.

Consequences of Not Filing the Annual Report

Filing the annual report is an important process that you need to comply with. Failure to do so might put all the managers and the members in a tight spot. If you do not submit the corporate report on time, the government might levy a huge penalty fee on your company. After repeated reminders, if you again fail to provide the initial report, your LLC might be dissolved temporarily, which will leave the reinstatement process as your option only.

LLC Annual Report Details

Your LLC annual report will consist of the following information:

  • The main business address of your LLC
  • Name and address of all the managers and members
  • All the identification and social security number related to your business
  • Purpose of your LLC
  • List of all the authorized signatories
  • Information about your registered agent

Once the report is made, you can submit it either online or via mail along with the decided filing fee.

F.A.Qs

What is the filing fee of the LLC annual report?

The annual report filing fee will depend on the state in which your LLC has, be it the domestic or foreign corporation. Usually, the fees vary from $10 to $500.

What is the date of report submission for my LLC?

The dates for filing the report on time depend on the state where your company is. In some states, the periodic report is asked to be submitted on the anniversary date of formation. In some other states, a prior date is fixed before the anniversary date for submitting the report for an LLC company.

Who Can Sign an LLC Annual Report

The director of the board of members, Chief Operating Officer, Chief Executive Officer or all of them are liable to sign the Annual Report of any LLC.

One common question that arises when it comes time to submit the annual report is who is authorized to sign it. The answer to this question will depend on the structure of your LLC and the specific guidelines set forth in your operating agreement. In general, there are three categories of individuals who are typically authorized to sign the LLC annual report:

1. Members: In many cases, members of the LLC are the ones tasked with signing the annual report. Members are the owners of the LLC and hold a stake in the company. As owners, members have a vested interest in the success and maintenance of the business, making them well-suited to sign off on official documents like the annual report.

2. Managers: In some LLCs, the day-to-day operations are overseen by appointed managers rather than member-owners. In these cases, managers are often designated as the signatories for the annual report. This is especially common in larger LLCs where there may be a separate management team responsible for the running of the business.

3. Registered Agent: In certain instances, the LLC’s registered agent may be authorized to sign the annual report on behalf of the company. A registered agent is an individual or entity designated to receive legal documents and official correspondence on behalf of the LLC. They serve as the point of contact between the LLC and state authorities, so it makes sense for them to sign off on official documents like the annual report.

While it is important to note the general categories of individuals who can sign the LLC annual report, it is always best practice to consult your operating agreement and/or seek legal guidance to ensure compliance with your specific business structure and state regulations. Failing to have the correct authorized signer can lead to delays or even penalties for your LLC, so taking the time to verify the appropriate signer is crucial.

Ultimately, signing the annual report should not be taken lightly. It is a legal document that attests to the accuracy and completeness of the information contained within it, so it is important that the signer is well-informed and has the authority to represent the LLC in this capacity.

In conclusion, knowing who can sign an LLC annual report is a fundamental aspect of maintaining compliance and protecting your business. By understanding the roles and responsibilities of members, managers, and registered agents, you can ensure that your annual report is submitted in a timely and accurate manner. Don’t hesitate to seek guidance if you are unsure of the correct signer for your LLC’s annual report.

In Conclusion

Annual Reports are mandatory for the LLCs to renew their business. In some of the states, the renewal of LLC needs a separate form to be filled and submitted. However, most of the time by submitting the Annual Report gets the work done. The fee of filing an Annual Report is different depending on the state.

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