An Annual report is a filing that details a company’s activities throughout the prior year. Annual reports are intended to give state governing authorities information regarding the names and addresses of directors or managing members of a corporation or LLC as well as the company and registered agent address. In some states the annual report is filed at a predetermined date for all entities regardless of the date of formation while other states require that the annual report is filed on the anniversary date of formation.
For example Companies conducting business in Wyoming are required to file an annual report each year. Because it is so easy to register as an LLC in Wyoming, and there are many tax benefits to doing so, Wyoming has a higher number of LLCs than other states. The information contained in annual reports allows them to keep track of the companies registered in their state, ensuring that they are still active. and regulations. One of those is filing an annual report for your business.
How to File Your Annual Report?
If you need to file an annual report for your LLC or corporation, you can do so by going to the choose a plan page, or you can also simply click on the button in the top of the page, once the form loads you can check the box of File Your Annual Report, answer the questions, and then the total amount of what you have to pay will be calculated and dispayed in the right top of the page, once you’re done simply submit the form, make the payment and we will take care of everthing else, if we have any question after reviewing your submission we will make sure to contact you via email.
Due Dates for Your Annual Report
In some states, the annual report is filed on a predetermined date for all entities regardless of the date of formation. Other states require the annual report to be filed on the first day of the month of the anniversary of the formation of the Company. so better to be safe than sorry you can contact us using the chat button or by email to inquire about the due date of your company’s state filing .
Annual Reports for corporations, LLCs, LPs, RLLPs and SFs aredue on the first day of the anniversary month of formation. For example, if your ‘initial filing’date is May 15, yourAnnual Report isdue May 1 of each year. Statutory TrustAnnual Reports aredue by January 1 of each year.
All Domestic and Foreign Limited Liability Companies, Limited Partnerships, and General Partnerships formed or registered in Delaware are required to pay an annual tax of $300.00. There is no requirement to file an Annual Report.
The annual taxes for the prior year are due on or before June 1st. Failure to pay the required annual taxes will result in a penalty of $200.00 plus 1.5% interest per month on tax and penalty. There is no proration on alternative entity taxes. Annual taxes are assessed if the entity is active in the records of the Division of Corporations anytime during January 1st through December 31st of the current tax year.
Corporate Annual Report
All active Domestic Corporation Annual Reports and Franchise Taxes for the prior year are due annually on or before March 1st and are required to be filed online. Failure to file the report and pay the required franchise taxes will result in a penalty of $200.00 plus 1.5% interest per month on tax and penalty.
Annual Report Filing Fees:
Effective September 1, 2019, the fees for filing an Annual Report or an Amended Annual Report are below:
Exempt Domestic Corporations – $25.00.
Non-Exempt Domestic Corporations – $50.00.
Franchise Tax Rates:
The minimum tax is currently $175.00, using the Authorized Shares Method and the Minimum Tax using the Assumed Par Value Capital Method is $400.00 with a maximum tax of $200,000.00 for both methods unless it has been identified as a Large Corporate Filer, then their tax will be $250,000.00. Taxes are assessed if the corporation is active in the records of the Division of Corporations anytime during January 1st through December 31st of the current tax year.
Foreign Corporations must file an Annual Report with the Delaware Secretary of State on or before June 30 each year. A $125.00 filing fee is required to be paid. If the Annual Report and remittance is not received by the due date, a $125.00 penalty will be added to the filing fee.
Failing to File an Annual Corporate Report
The consequences of not filing an annual report can be severe. Some states may levy late fees, penalties and taxes like for example Delaware. Other states such as Wyoming could even involuntarily dissolve administratively your corporation within 60 days (from day 1 to day 60).
What Is the Late Fee for Filing After My Due Date?
The consequences of not filing an annual report at the apropriate date differ from a state to another, For example Wyoming does not assess a late fee, but your company will be in danger of adminitrative dissolution. If your business is dissolved by the SOS, you will no longer be able to conduct business in Wyoming. As for other states such as Delaware there is a $200 late fee if you miss the June 1st deadline. Interest accrues at a rate of 1.5% on the tax and late payment.
What happen if i Fail to File an Annual Corporate Report?
The consequences of not filing an annual report can be severe. Some states may levy late fees, penalties and taxes. Other states such as Wyoming could even involuntarily dissolve administratively your corporation within 60 days (from day 1 to day 60).
How Long does it take to file an Annual Report?
The filing time is dependent on the governing state agency. Filing times vary by state it is therefore important that the report is filed well in advance of the due date in order to avoid any potential late filing fees. But from our end we file each received Annual Report the same day maximum next business day.
What happens if the Annual Report cannot be filed?
In the event that the entity has been administratively revoked or otherwise dissolved or the report is not due within a close proximity to the order being placed our policy is to contact and inform the client and issue a full refund.
Why choose FileYourFile to help you file your Annual Report?
We Protect Your Privacy
We believe in Privacy by Default, so we list the minimal permanent public information required when we file on your behalf.
Details of the filer such as Your IP Address, the name in the credit card used for the payment, the name of the filer in the case if Owners don’t want that their full name be available on the public records in the state and any one can access this information online in the state website and figure out your identity easily.
Meet your annual requirements
We’ll ensure that your annual report is filed on time and meets the requirements defined by the Secretary of State. Avoid paying unnecessary late filing fees.
We make it easy
Our filing experts will prepare your case and submit all the paperwork directly to the Secretary of State. We make the process fast, easy and affordable
How much does it cost to file an Annual Report?
The cost of Filing Your Annual Report is 98$+ state fees.
For example in the state of Wyoming:
The annual report fee, called a license tax, is $50 or two-tenths of one million on the dollar ($.0002) of assets located in Wyoming, whichever is greater. Non-profits are charged only $25.
The result will be 98+50=148$.
What will I receive when the Annual Report is filed?
The governing state agency will typically return a filed copy of the Annual Report which we will then email to you
2a. Trade Notes and Accounts Receivable: Trade notes are a means of payment such as for example checks and bank drafts. Accounts receivable (AR) is the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers. Accounts receivables are listed on the balance sheet as a current asset. AR is any amount of money owed by customers for purchases made on credit.
2b. Subtract Allowance for Bad Debts:An allowance for bad debt is a valuation account used to estimate the amount of a firm’s receivables that may ultimately be uncollectible. It is also known as an allowance for doubtful accounts.
3. Inventories:is the term for the goods available for sale and raw materials used to produce goods available for sale.
4. U.S. Government Obligations:such as US Treasury bills, notes and bonds issued by any agency or instrumentality of the United States is subject to federal income tax. Treasury bills generally are short-term issues with maturities not exceeding one year issued at a discount.
5. Tax Exempt Securities: A tax–exempt security is an investment in which the income produced is free from federal, state, and/or local taxes. Most tax–exempt securities come in the form of municipal bonds, which represent obligations of a state, territory or municipality.
7. Loans to Stockholders: loans the company made to its shareholders.
8. Mortgage and Real Estate Loans: loans or investments owned, not your debts.
11. Depletable assets (soda, coal, mineral oil, precious metals, saline, or other valuable deposits); the value is equal to the assessed value of the gross product produced for the fiscal year most recently ended.
13a. Intangible Assets: is an asset that is not physical in nature. Goodwill (for example A company’s record of innovation and research and development and the experience of its management team are often included), brand recognition and intellectual property, such as patents, trademarks, and copyrights, are all intangible assets.
13b. Subtract Accumulated Amortization:Accumulated amortization is the total sum of amortization expense recorded for an intangible asset. In other words, it’s the amount of costs that have been allocated to the asset over its useful life.
14. Other Assets: any other Assets not mentioned above.
THREE EASY STEPS TO FILE YOUR ANNUAL REPORTS
Complete our simple online questionnaire
We will create your Annual Report paperwork
We will file your Annual Report with the state and send you the paperwork by email