An annual report for a limited liability company (LLC) is required in most states. Reports provide state authorities updated company details to calculate taxes owed. Requirements vary but may include names and addresses of members/managers, business address, identification numbers.
Filing Details and Consequences of Non-Compliance
Filing processes, fees, frequency, and due dates vary by state. Failing to file reports can lead to penalties, license revocation, or dissolution. They include current business address, members’ info, changes since last filing to give state updated details and conditions over the past year.
Fees range from $50-$750 with varying processes. Reports maintain good standing, ensure compliance, and provide transparency.
Is an Annual Report Mandatory?
Yes, an annual report for a limited liability company (LLC) is required in most states. Called by different names like Statement of Information or Periodic Report.