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 the South Dakota LLC annual report filing in South 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
- South Dakota LLC Annual Report
- Does the State of South Dakota Require an Annual Report Filing?
- Why Do LLCs Have to File the Annual Report?
- How to File a South Dakota LLC Annual Report
- Seek the Help of a Registered Agent
Contents of the Annual Report
Typically the annual report filed by a South 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
South 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 South Dakota Annual Report is filed with the South Dakota Secretary of State.
Does the State of South Dakota Require an Annual Report Filing?
It is mandatory for every business entity in South Dakota to file an annual report with the South 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 South Dakota has to file the Annual report on the first day of the anniversary month, every year with the South Dakota Secretary of State.
Penalties for Non-filing or late filing
An Annual Report is one of the important documents filed by an LLC. Any report filed after the due date may result in a late fee of $50 & losing the status of good standing. If there is a further failure in filing the report, it may result in 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 a South Dakota LLC Annual Report
The South Dakota LLC Annual Report can be filed online or by mail. An LLC operating in South Dakota has to file the Annual report on the first day of the anniversary month, every year with the South Dakota Secretary of State.
Steps to File South Dakota LLC Annual Report Online
Time needed: 5 minutes.
Below is the procedure to file the South Dakota LLC Annual Report online.
- Visit South Dakota’s Business Services Online Site.
The first step in filing the South Dakota Annual Report is to visit South Dakota Business Services Online.
- Click on the “File an Annual Report” Box.
On the site, click on the “File an Annual Report” Box.
- Enter the required details.
Enter your Business ID & click on the Begin Tab next to it.
- Verify the details & start filing the report.
Verify that your business information is correct & begin the filing process.
Filing South Dakota LLC Annual Report By Mail
To file the LLC Annual report in South Dakota, you can follow the steps as mentioned below,
- Visit the South Dakota Business Forms Page
- Select your Business type from the left section.
- Click on the “File by Paper” link.
- Download the form on your computer
- Fill in the required information & send the printed copies of the forms and relevant documents to the address: Secretary of State Office, 500 E Capitol Ave, Pierre, SD 57501
South Dakota LLC Annual Report (Domestic & Foreign)
|State Office:||Secretary of State Office, 500 E Capitol Ave, Pierre, SD 57501|
Links to Website, Forms
|Due Date:||An LLC operating in South Dakota has to file the Annual report on the first day of the anniversary month, every year, with the South Dakota Secretary of State.|
|Filing Fee:||$50- for Online Filing, $65- for filing by mail.|
|Penalty:||Any report filed after the due date may result in a late fee of $50 & losing the status of good standing. If there is a further failure in filing the report, it may result in the dissolution of the LLC.|
|Filing Method:||An LLC can file the Annual Report Online or by mail.|
|Forms:||Domestic LLC Annual Report|
Foreign LLC Annual Report
|Important Information:||Once a Domestic or Foreign South Dakota Limited Liability Company submits the Annual Report along with the prescribed fees to the South 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 South Dakota Registered Agent here.
How Fast Can I Fill South Dakota LLC Annual Report
Deadline for filing annual reports in South Dakota is the first date of the company’s anniversary month with the South Dakota Secretary of State.
If you are a member of an LLC in South Dakota, you have to file an annual report. It is necessary in order to update state records and keep your company up to date. A failing to do this may lead to legal penalties. The good news is that most LLCs are able to file their Annual Report on time.
There is a basic form available online that you can fill out. You will have to pay a small fee to do so. You will also have to fill out a Business ID that will be used to complete the filing. Luckily, most of these steps are simple enough to accomplish on your own.
First, you will need to fill out a Statement of Change of Registered Office or Registered Agent or Both Form. This form will detail the changes that need to be made to your registered agent. Once you have made these changes, you can mail the form to the South Dakota Secretary of State. You will have to include a check or money order as payment.
In order to file a Statement of Change of Registered Office or registered agent or both form, you will have to provide the name and address of the person who is the current registered agent. If you do not have this information, you can find it on the website of the South Dakota secretary of state.
The website will also give you an idea of how to fill out an online form. If you do not have an email, you can leave the field blank. Also, you can choose to use the form’s print feature. To do so, you can enter your LLC’s name and mailing address. Lastly, you can add an email and a signature.
While it may seem like an arduous task, most owners of LLCs in South Dakota will be able to complete their Annual Report on time and without error. This is because the state is willing to help you with any questions or concerns you might have.
Depending on how complicated your business structure is, you may need to hire an attorney to draft your articles of organization. These documents will contain important details about your company. They will also be a useful tool for settling potential disputes. Some states require proof of compliance before they will approve your articles.
Another good option is to sign up with an affordable LLC service. Whether you are just starting out or need assistance with ongoing reporting, these companies will be able to make your life easier. They are also able to handle any filing requirements that you might have.
Finally, if you need to file an annual report, the state of South Dakota offers a free download of the form. The state also has a business tax page that provides more information about taxes. Whether you are a new or experienced LLC, you will need to ensure that your annual report is filed on time. Failure to do so can result in a $50 late fee.
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.
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.