LLC Reporting Requirements: Everything You Need to Know
LLC reporting requirements vary from state to state and consist of the regular reports and fees required for a limited liability company (LLC) to remain in good standing within the state it is formed.3 min read
LLC reporting requirements vary from state to state and consist of the regular reports and fees required for a limited liability company (LLC) to remain in good standing within the state it is formed.
LLC Filing Requirements
The requirements for reporting and filing taxes will depend on the state where the owners (or members) formed the LLC.
LLCs are required to file annual reports in most states along with an annual reporting fee or tax. If these reports are not filed on time, there can be expensive and problematic consequences for the company.
LLC Annual Report Filing Requirements
The LLC owner(s) must contact their Secretary of State's office or the appropriate division or agency for business filings in the state to file their annual reports, sometimes referred to as "Statements of Information."
Depending on your particular state, you may need to file reports every year and anytime something changes with the company. These filings are usually accompanied by fees, but every state is different.
First, LLC owners will want to find out if annual reports are even required by their state. Some states, like Ohio and Delaware, don't actually require annual reports, but most states will still ask for Statements of Information from all businesses in the state to be sure that the state knows which companies are actually still conducting business.
This information is made fairly easy to provide since the state usually requires you to fill out a form. The Statement of Information forms typically ask for the following information:
- LLC's name and EIN (Employer Identification Number) or FEIN (Federal Employer Identification Number)
- LLC's address
- LLC's purpose for doing business
- Member names and addresses
- Name and address of registered agent
- Authorized signatures
If an LLC decides to change its name or dissolve the company, they'll likely need to file additional documents and pay the appropriate fees.
Even though they're called "annual reports," many states don't actually require businesses to file on a yearly basis.
Most states do require some kind of annual reporting or information confirmations and updates regarding businesses, but the timeline for these requirements varies from state to state. Every state has a set of LLC laws that govern how LLCs are handled and where the requirements for reporting are spelled out.
LLCs in California, for instance, are required to file reports every other year, but states like Pennsylvania only require these types of reports on a 10-year cycle.
Not only do states differ in how often they require LLC information reports, but they also have different deadlines. LLC owners will want to be sure of their particular state's deadlines in order to avoid late fees or other penalties.
Some states require all LLC reports to be filed by the same deadline. Others use the date that each particular LLC was formed as the deadline for that LLC's annual report. This type of deadline will either be the exact date the business was formed, or the first or last day of the month in which it was formed.
Some states require fees along with their reporting requirements for LLCs. These fees differ from state to state and can be found on the state's Secretary of State website or state's business division.
Consequences for Missed Filing Deadlines
If an annual report or other required document is not filed by an LLC, the business may incur consequences. Usually, the business will be sent a reminder if the deadline is missed. If the LLC still fails to file, the state might:
- Dissolve the LLC
- Charge late fees
- Take away the liability protection provided by the business structure, which opens members up to financial obligations
If an LLC loses its status of good standing with the state due to late filing or failure to file, the state will probably require the LLC to catch up on any outstanding payments, late fees, and taxes for all missed years in order to regain the ability to conduct business in the state.
The filing requirements for LLCs are actually quite simple in most states and are made easy by the state providing options to file online.
If you need help with LLC reporting requirements, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.