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 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 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 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 LLC
- The objective of the business of LLC
- List of all the signatories of the LLC
- Information of the registered agent, if any
West Virginia 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 West Virginia Annual Report is filed with the West Virginia Secretary of State.
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, 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 West Virginia has to file the 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.
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 West Virginia LLC Annual Report
The West Virginia LLC Annual Report can be filed online only. An LLC operating in West Virginia has to file the Annual report every year with the West Virginia Secretary of State by July 1st.
Steps to File West Virginia LLC Annual Report Online
Time needed: 5 minutes.
Below is the procedure to file the West Virginia LLC Annual Report online.
- Visit West Virginia Secretary of State Website’s Annual Reports Page
Your first step in filing the West Virginia Annual Report is visiting the West Virginia Secretary of State website’s Annual Reports Page.
- Click on Select your Company Type
Scroll down on the page & click on the Select your Company Type. Choose
- Click on the File online Tab
Click on the File online Tab at the top of the page.
- Log in & Start filing online
Follow the prompts & start filing online. You can log in or create an account or you can 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. |
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.
How Fast Can I Fill West Virginia LLC Annual Report
Deadline for filing annual reports in West Virginia is July 1 every year with the West Virginia Secretary of State. Late fee of $75 is charged.
If you are the owner or member of a West Virginia LLC, you must file an Annual Report. The information included in this report is used by the state to verify the status of your business and its compliance with state tax laws. It is important to know how to fill out an annual report. There are several steps involved.
First, you need to obtain an Employer Identification Number (EIN). An EIN is similar to a social security number and is issued by the IRS. You will need an EIN to open a bank account, hire employees, and operate your business. Getting an EIN is easy, and you can apply for an EIN online.
Once you have obtained an EIN, you can register your LLC with the IRS. This is free if you are a West Virginia resident. However, you will have to pay a filing fee for the service.
After you have registered your business, you are required to file an Annual Report. A West Virginia LLC must submit an Annual Report on or before the first day of July of each year. Various states vary in their requirements for annual reports. Some require the filing to be completed by mail, while others allow the filing to be done online.
In order to file an annual report, you must provide a designated office address for your business. If your business is a manager-managed LLC, you will also have to provide the name of the person or organization that is the manager. If you choose to have your LLC’s records sent to another address, you must also provide that information.
Your Designated Office should be a physical address in West Virginia. A PO Box is not acceptable. Also, you should include the county in which your business is registered.
Lastly, you should include a purpose statement. The purpose statement can be as simple as “Any lawful business in West Virginia.” You may opt to include a statement about how you plan to use the LLC’s funds, or you can provide information about how your LLC will provide services.
The State of West Virginia has an online portal that allows you to register and file your LLC. The portal offers an SOS Annual Report, which you can fill out and pay for.
Another option is to submit your Articles of Organization via fax or email. To do so, you will need to provide your business’s name, the name of the LLC, the state’s mailing address, and your EIN. Depending on the state, you may need to provide a courtesy reminder postcard to the agent of process or the business’s email address.
You can also file for a letter of good standing. You will need this to establish your LLC’s eligibility to receive certain business licenses or contracts with the state.
Keeping your information up-to-date is essential for running a successful West Virginia LLC. Failure to do so can result in monetary penalties and revocation of your business’s privileges. For more information, contact the West Virginia Secretary of State.
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.