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The objective of the annual report is threefold. The annual report keeps the Government informed about all the updates, it communicates about all the modifications or changes, & it keeps the LLC members informed about the necessary taxes and costs. This article has all the information about the Missouri LLC annual report filing in Missouri.
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.
Content of the Annual Report
Typically, the annual report filed by an LLC in Missouri (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 the LLC
- List of all the signatories of the LLC
- Information of the registered agent, if any
LLC Tax Update: Before you file your LLC annual report in Missouri, make sure to pay all the tax dues for the year.
Missouri LLC Annual Report
An Annual report is essential for all business types. It authenticates that the information provided to the Secretary of State is accurate & updated. The information provided in the annual report helps the State officials to ensure that all the companies pay taxes. The Missouri Annual Report is filed with the office of the Missouri Secretary of State. Note that the LLC Annual Report is not the same as the Certificate of Good Standing in Missouri.
Does the State of Missouri require an Annual Report Filing?
No, unlike many states, Missouri does not require LLCs to file their annual reports. There is no deadline or penalty for non-filing or late filing of the Missouri annual report. However, other business structures require filing the annual report.
Missouri LLC Annual Report (Domestic & Foreign)
| State Office: | Corporations Unit, James C. Kirkpatrick State Information Center, P.O. Box 778, Jefferson City, MO 65102 |
| Due Date: | None |
| Filing Fee: | None |
| Penalty: | None |
| Filing Method: | The Missouri Annual Report can be done online. |
| Forms: | The form to file the Missouri Annual Report can be found here |
| Important Information: | It is not necessary to file an Annual Report for an LLC in Missouri. However, it is good to have a detailed report for transparency purposes. |
Annual Report Deadline
As I mentioned, an LLC does not have to file any Annual Report in Missouri. Hence, there is no deadline to file an Annual Report. However, if you are running a corporation, then you must file your annual report.
Penalties for Non-filing or Late Filing
There is no penalty for non-filing of the Annual Report in Missouri by an LLC. Because there is no mandatory rule to file an annual report for a Missouri LLC, hence, there are no such fees or charges.
Tax Structure in Missouri LLC
For an LLC in Missouri, the tax structure is very simple and flexible. First of all, every LLC has the advantage of a pass-through taxation. On the other hand, an LLC can choose the desired tax structure at the time of formation. There are two ways an LLC can be taxed,
Default Status:
When filing your LLC in Missouri, entrepreneurs have the opportunity to select a desirable tax structure. If they do not choose a specific structure, the LLC will be taxed under the ‘Default Status’. That means the tax will be levied based on the number of LLC members.
For a single-member LLC, it is considered a ‘disregarded entity’. This means that a single-member LLC does not have to file a federal income tax return, but the individual (or the LLC member) must file it personally. In the case of a single-member LLC, it is treated as a sole proprietorship.
In the case of a multi-member LLC, it is considered a partnership for tax purposes. Hence, the default status for a multi-member LLC is a partnership firm. LLCs are required to file a separate ‘partnership form’ with the IRS.
LLCs with Spouses: There are specific states (like California) where starting an LLC with a spouse is considered a single-member LLC instead of a partnership or multi-member LLC. In such cases, both husband and wife will be liable to pay taxes
Elective Status:
For an elective status, the LLC can choose the tax structure while filing the formation documents. LLCs in Missouri should file a separate tax form if they do not wish to be taxed by default. Many LLCs choose to be taxed as a corporation to enjoy corporate benefits, especially if the LLC is large.
LLCs can choose between S-Corp and C-Corp tax status when filing the formation document in Missouri. In that case, the concerned LLC needs to submit a separate form for each type it chooses. For the S-Corp type, Form 2553 must be submitted; for the C-Corp type, Form 8832 must be submitted.
In Missouri, there may be local taxes (inquire with the local government body for details) that LLCs must pay to be updated. Make sure to pay and update your tax dues before you file your annual report in Missouri.
Annual Report vs Certificate of Good Standing in Missouri
The Certificate of Good Standing is a legal document that certifies that an LLC in Missouri is in good standing and compliant with all applicable laws. That includes an updated annual report as well. While Annual Reports show if your company is up to date.
They are both similar documents (although not identical) and serve as proof of the company’s good standing. The Annual Report is a domestic document, whereas the Certificate of Good Standing in Missouri is a mandatory document if the LLC is going beyond the home state to a foreign state. There are several ways to obtain a Certificate of Good Standing in Missouri.
A Certificate of Good Standing in Missouri can be obtained in two ways. First, you can log in to SOS to order your certificate, or you can do that offline. For offline Certificates, you can contact SOS by phone, in person, or by sending an email.
A filing fee of $10 must be paid to the SOS to obtain the Certificate of Good Standing. The amount might be more depending on the number of copies you request. If you request additional copies of documents, you may incur an additional fee.
Request Certificate of Good Standing:
- Online application: Log in to SOS to order your certificate
- Offline application: Contact SOS by phone, in person, or via email.
- Fees: $10
Why Do LLCs Have to File the Annual Report?
Some 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 to 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 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.
Seek the Help of a Registered Agent
Every State will have a different rule for filing the Annual Report. Usually, it is submitted annually, but in some states, it is submitted every other year. Some states require the filing of the report only once in ten years.
Not only the timing, but also the mode of filing, proper addresses, exemptions, legality, annual report compliance, etc., must be taken care of when paying taxes or filing reports with 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 Missouri Registered Agent here.
FAQs
Yes, an annual report is essential for every business entity in most states. Some states also require 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 allow for 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 easier to file. However, it is mandatory to file the report on time to avoid any penalties. If you are running an LLC in the state of Missouri, 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 Missouri.
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. Additionally, please note that an annual report is not the same as a Certificate of Good Standing in Missouri. They might look similar, as many parts of the certificate are the same as those in the annual report; however, it is a completely different document and should be compliant with the filing requirements for the annual report in Missouri.