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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 Tennessee LLC annual report filing in Tennessee.
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 an LLC in Tennessee (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
Tennessee 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 Tennessee Annual Report is filed with the Tennessee Secretary of State.
Does the State of Tennessee Require an Annual Report Filing?
It is mandatory for every business entity in Tennessee to file an annual report with the Tennessee 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 Tennessee has to file the Annual report every year, on the first day of the fourth month, post their fiscal year-end with the Tennessee Secretary of State. So an LLC that has a fiscal year ending in December shall submit the report by the 1st of April.
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 the LLC losing good standing status. 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 Tennessee LLC Annual Report
The Tennessee LLC Annual Report can be filed online or by mail. An LLC operating in Tennessee has to file the Annual report every year, on the first day of the fourth month, post their fiscal year-end with the Tennessee Secretary of State. So an LLC that has a fiscal year ending in December shall submit the report by the 1st of April.
Steps to File Tennessee LLC Annual Report Online
Time needed: 5 minutes
Below is the procedure to file the Tennessee LLC Annual Report online.
- Visit Tennessee Secretary of State Site.
The first step in filing the Tennessee Annual Report is to visit the Tennessee Secretary of State Site.
- Click on the “File an Annual Report” link.
From the list of processes displayed on the site, click on the File an Annual Report link.
- Click on the “E-file Annual Reports” link.
Scroll down and click on the “E-file Annual Reports” link under the “What you can do here section.”
- Enter the Secretary of State Control Number.
Enter the Secretary of State Control Number in the text box & click on begin to start filing the report.
Filing Tennessee LLC Annual Report By Mail
To file the LLC Annual report in Tennessee, you can follow the steps as mentioned below,
- Visit Tennessee Secretary of State Site
- Click on the “File an Annual Report” link
- Scroll down and click on the “Print & Mail Annual Reports” link, under the What you can do here section
- Enter the Secretary of State Control Number in the text box & click on begin.
- Download the form on your computer
- Fill in the required information & send the printed copies of the forms and relevant documents to the address: Tennessee Secretary of State, Division of Business Services, 312 Rose L. Parks Avenue, Snodgrass Tower, 6th Floor, Nashville, TN 37243
Tennessee LLC Annual Report (Domestic & Foreign)
| State Office: | Tennessee Secretary of State, Division of Business Services, 312 Rose L. Parks Avenue, Snodgrass Tower, 6th Floor, Nashville, TN 37243 Links to Website, Forms |
| Due Date: | An LLC operating in Tennessee has to file the Annual report every year, on the first day of the fourth month, post their fiscal year-end with the Tennessee Secretary of State. So an LLC that has a fiscal year ending in December shall submit the report by the 1st of April. |
| Filing Fee: | $300 (Additional $20 for registered Agent) |
| Penalty: | Any report filed after the due date may result in the LLC losing good standing status. 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: | Form |
| Important Information: | Once a Domestic or Foreign Tennessee Limited Liability Company submits the Annual Report along with the prescribed fees to the Tennessee 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 Tennessee 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 Tennessee LLC Annual Report
Deadline for filing annual reports in Tennessee is the April 1 with the Tennessee Secretary of State. Failing to do so may result in dissolution of the LLC.
One of the most essential pieces of advice when it comes to filing your Tennessee LLC annual report is to start early. Procrastination can often lead to unnecessary stress as the deadline approaches. By starting the process early, you can avoid any last-minute rush and ensure that you have adequate time to gather all the necessary information and complete the report accurately.
Another tip is to have all your documentation in order before you begin. This includes having up-to-date financial records, member information, and any other relevant details about your LLC on hand. Having this information readily available will make the process smoother and more efficient, allowing you to focus on accurately completing the report rather than scrambling to find key pieces of information.
Utilizing online resources provided by the state of Tennessee can also streamline the filing process. The Tennessee Secretary of State website offers an online portal where businesses can submit their annual report quickly and easily. This platform often provides step-by-step instructions and resources to guide you through the process, making it user-friendly for even those unfamiliar with the filing requirements.
If you find yourself overwhelmed or confused at any point during the filing process, don’t hesitate to reach out for help. The Tennessee Secretary of State’s office has a team of experts ready to assist with any questions or concerns you may have about filing your LLC annual report. Seeking guidance early on can help prevent costly mistakes and ensure that your report is submitted accurately and on time.
Lastly, staying organized throughout the filing process is key to a smooth experience. Create a checklist of the information you need to gather and the steps you need to follow to complete the report. By staying on top of deadlines and tasks, you can avoid the stress of last-minute scrambling and ensure that your report is filed in a timely manner.
Filing your Tennessee LLC annual report doesn’t have to be a daunting task. By following these tips and approaching the process with a proactive mindset, you can efficiently complete the necessary paperwork and remain compliant with state regulations. Remember, starting early, having documentation in order, utilizing online resources, seeking help when needed, and staying organized are all key components to a successful filing experience.
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.