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The objective of the annual report is threefold. 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 West Virginia LLC annual report filing in West Virginia.
An annual report can be called an address book, as it features all the relevant addresses of the company & the members. This annual report is a comprehensive record of the company’s activities for the entire year. It is also referred to as the Annual Franchise Tax Report, as it facilitates the filing of the franchise tax.
Content of the Annual Report
Typically, the annual report filed by a West Virginia 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 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 West Virginia, make sure to pay all the tax dues for the year.
West Virginia 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 state officials ensure that all companies pay taxes. The West Virginia Annual Report is filed with the West Virginia Secretary of State. Note that the LLC Annual Report is not the same as the Certificate of Existence in West Virginia.
Does the State of West Virginia Require an Annual Report Filing?
Every Business Entity in West Virginia must file an Annual Report. This includes all the legal entities, such as C Corporations, Limited Partnerships, and Limited Liability Companies, that are bound to file the Annual Report.
How to File a West Virginia LLC Annual Report
The West Virginia LLC Annual Report can only be filed online. An LLC operating in West Virginia must file its Annual Report every year with the West Virginia Secretary of State by July 1st.
In West Virginia, Annual Reports can be filed with the One-stop Business Portal by following a few simple steps.
- Step 1: Your first step in filing the West Virginia Annual Report is to visit the West Virginia Secretary of State website’s Annual Reports Page.
- Step 2: Scroll down the page & click on “Select your Company Type.” Choose Limited Liability Company from the dropdown list.
- Step 3: Click on the “File Online” tab at the top of the page.
- Step 4: Follow the prompts & start filing online. You can log in, create an account, or file the report online as a guest.
West Virginia LLC Annual Report (Domestic & Foreign)
| State Office: | West Virginia Secretary of State Bldg. 1, Suite 157-K 1900 Kanawha Blvd. East Charleston, WV 25305-0770 Links to Website |
| Due Date: | An LLC operating in West Virginia has to file the Annual report every year with the West Virginia Secretary of State by July 1st. |
| Filing Fee: | The Annual Report filing fee is $25. |
| Penalty: | Any Annual Report filed after the deadline will result in a late fee of $75. Further failure to file the annual report will cause the dissolution of the LLC. |
| Filing Method: | An LLC can file the Annual Report Online or by mail. |
| Forms: | – |
| Important Information: | Once a Domestic or Foreign West Virginia Limited Liability Company submits the Annual Report along with the prescribed fees to the West Virginia Secretary of State, the filing is said to be complete. |
Annual Report Deadline
As mentioned above, filing the Annual Report is a mandatory requirement even for an LLC. An LLC operating in West Virginia must file its Annual Report every year with the West Virginia Secretary of State by July 1st.
Penalties for Non-filing or late filing
An Annual Report is one of the important documents filed by an LLC. Any Annual Report filed after the deadline will result in a late fee of $75. Further failure to file the annual report will cause the dissolution of the LLC.
Tax Structure in West Virginia LLC
For an LLC in West Virginia, 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 West Virginia, 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. 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 West Virginia 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 West Virginia. 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 West Virginia, 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 West Virginia.
Annual Report vs Certificate of Existence in West Virginia
The Certificate of Existence is a legal document that certifies that an LLC in West Virginia 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 Existence in West Virginia 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 Existence in West Virginia.
In West Virginia, you must request a Certificate of Good Standing through the West Virginia Tax Division. The West Virginia Tax Department carefully reviews the application and issues the Certificate. There is no fee required to obtain the letter of good standing.
Request Certificate of Compliance:
- Online application: Letter of Good Standing
- Offline application: Not available
- Fees: $0
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 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 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 West Virginia 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 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.
Additionally, please note that an annual report is not the same as a Certificate of Existence in West Virginia. 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 West Virginia.