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 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.
On this page, you’ll learn about the following:
Contents of the Annual Report
Typically the annual report filed by a Missouri 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
Does the State of Missouri Require an Annual Report Filing?
Missouri is one of those few states in America, which do not require an Annual Report. If you want to form an LLC in Missouri, filing an annual report will not be a part of your compliance.
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 some 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.
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 Missouri Registered Agent here.
How Fast Can I Fill Missouri LLC Annual Report
Filing the annual report for your Missouri LLC by mail may take 3-6 weeks, and filing it online will be completed immediately.
If you are looking for an LLC form online, you’ve come to the right place. The Missouri Secretary of State offers fast, convenient filing for all types of business entities, including LLCs. While many states require paper filings, Missouri allows you to file for your LLC online and receive your report within a few business days. You can also opt to use the Missouri Business Development Program to get your filings completed quickly and easily. This program helps you access a vast network of resources for free.
If you want to incorporate in Missouri, you must be aware of your ongoing tax obligations. You may need to pay payroll taxes or self-employment taxes. In addition to state and federal taxes, you will also need to register for sales and use tax in Missouri. You can find the Missouri annual report online at the state’s website. If you are planning to hire employees, make sure to keep your records up to date, and be prepared to pay payroll taxes every month.
In addition to filing taxes on a timely basis, you also need to file annual reports with the Missouri Secretary of State. The fee for each filing depends on the business license requirements. Some industries require annual license renewals, while others do not. Your annual maintenance expenses will also depend on your business’s licenses. In Missouri, licenses are the most common expense for an LLC. If you are considering setting up a business in Missouri, make sure to review the list of fees and filing requirements to be sure you’re not overburdened.
While it is important to follow the rules of each state, the requirements for creating an LLC will differ. For example, in Missouri, an LLC must file the “Articles of Organization” with the Missouri Secretary of State and hold an “Organizational Meeting” where members can contribute to the business, issue member certificates, and adopt the company’s Operating Agreement. Once all of these steps are complete, the Missouri LLC can apply for a Certificate of Good Standing, a document that proves that the business is operating within its business licenses and is in good standing.
Once you’ve decided to use an online service, you can file your Missouri annual report within a few minutes. The best part is that you can save the information from the previous year in a database that you can use to file the report online. You can even create a personalized dashboard and store important documents that you need to file in the future. Having your Missouri LLC annual report filed online is the easiest and fastest way to file it, and Northwest Registered Agent will be happy to help you get there quickly. You can even add this service to your registered agent service and nonprofit formation.
If you own a Missouri LLC with employees, you should also pay the unemployment insurance tax. Your business may also be subject to additional taxes. For information about these taxes, visit the Missouri Department of Revenue. Whether you decide to use an online service or prepare it yourself, you’ll need to know how much it costs and what your deadline is. There are many companies that offer this service. Using a service will ensure that you get your Missouri LLC annual report done right.
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.