What is an Annual LLC or Corporate Report
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 the formation while other states require that the annual report be 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.
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.
An Other example:
- Due Dates for Wyoming : 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.
- Due Dates for Delaware
LLC/Partnership Tax Information
- 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
- 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 appropriate date differ from a state to another, For example, Wyoming does not assess a late fee, but your company will be in danger of administrative 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 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 of Owners don’t want that their full name be available on the public records in the state and anyone 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