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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 North Dakota LLC annual report filing in North Dakota.
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 North Dakota 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
North Dakota 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 North Dakota Annual Report is filed with the North Dakota Secretary of State.
Does the State of North Dakota Require an Annual Report Filing?
Every business entity in North Dakota is bound to file an annual report with the North Dakota Secretary of State. This rule applies to 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 North Dakota has to file the Annual report with the North Dakota Secretary of State on 15th November every year.
Penalties for Non-filing or late filing
There is a $100 late fee for late filing. If your LLC can not file the report within 6 months from the due date then it may face dissolution by the State Authorities.
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 North Dakota LLC Annual Report
The North Dakota LLC Annual Report can be filed online only. An LLC operating in North Dakota has to file the Annual report with the North Dakota Secretary of State on 15th November every year.
Steps to File North Dakota LLC Annual Report Online
Time needed: 5 minutes
Below is the procedure to file the North Dakota LLC Annual Report online.
- Visit North Dakota’s Secretary of State Website.
The first step in filing the North Dakota Annual Report is to visit the North Dakota Secretary of State First Stop Website.
- Click on the “File Annual Report” link.
Scroll down & click on the “File Annual Report” link under the Business column.
- Search with your Business Name.
Write the Business Name or system id in the box & click on the search button.
- Click on the “File Annual Report” icon.
On the next page, you will see your business name, status, & Initial Filing date on the right side of the screen, with an icon “File Annual Report”. Click on that icon & start filing your report.
North Dakota LLC Annual Report (Domestic & Foreign)
| State Office: | Secretary of State, P.O. Box 5513, Bismarck, ND 58506-5513 Links to Website |
| Due Date: | An LLC operating in North Dakota has to file the Annual report with the North Dakota Secretary of State on 15th November every year. |
| Filing Fee: | The Annual Report filing fee is $50. |
| Penalty: | There is a $100 late fee for late filing. If your LLC can not file the report within 6 months from the due date, it may face dissolution by the State Authorities. |
| Filing Method: | Online only |
| Forms: | – |
| Important Information: | Once a Domestic or Foreign North Dakota Limited Liability Company submits the Annual Report along with the prescribed fees to the North Dakota Secretary of State, the filing is said to 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)
You can read more about a North Dakota 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.
How Fast Can I Fill North Dakota LLC Annual Report
Deadline for filing annual reports in North Dakota is November 15 every year with the North Dakota Secretary of State. Late fee of $100 is charged. Failing to do so within 6 months may result in dissolution of the LLC.
One of the key factors in determining how fast you can fill out your North Dakota LLC annual report is ensuring that you have all the necessary information and documents on hand. This includes details about your LLC such as its name, address, and registered agent, as well as any changes that have occurred within the past year.
Additionally, it is important to be aware of the filing deadlines for the annual report. In North Dakota, LLCs are required to file their annual reports by the end of the month in which their anniversary date falls. For example, if your LLC was formed on May 15th, your annual report would be due by the end of May each year.
To speed up the filing process, consider using an online filing service. Many states, including North Dakota, offer online filing options that can make the annual report submission process quick and convenient. By utilizing these services, you can save time and avoid the hassle of mailing in paper forms.
Another tip for quickly filling out your North Dakota LLC annual report is to keep thorough records throughout the year. By maintaining organized and accurate financial records, meeting minutes, and other important documents, you will have all the information you need readily available when it comes time to file your annual report.
Lastly, don’t wait until the last minute to file your annual report. By staying ahead of the deadline and completing the filing process early, you can avoid late fees and potential penalties. Set aside time well in advance of the due date to review the necessary information, fill out the report completely, and submit it on time.
In conclusion, filling out your North Dakota LLC annual report can be a straightforward process if you take the necessary steps to prepare. By having all the required information on hand, utilizing online filing services, keeping thorough records, and filing early, you can streamline the process and ensure compliance with state regulations. Remember, a timely and accurate annual report is crucial for maintaining the good standing of your LLC and avoiding any unnecessary complications down the line.
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.