NC LLC Annual Report: Everything You Need to Know
An NC LLC Annual Report is a requirement by the state of North Carolina that is filed with the Secretary of State (SOS). The report is used to update the corporate information listed with the SOS.3 min read
2. North Carolina LLC Taxes
An NC LLC Annual Report is a requirement by the state of North Carolina that is filed with the Secretary of State (SOS). The report is used to update the corporate information listed with the SOS.
Information About Filing an NC LLC Annual Report
- The report requires basic information about the LLC. You will provide a statement outlining the nature of the business, the name and street address of the designated registered agent, the principal office address, and the names of the company officials.
- If the information about the designated registered agent is being changed, a paper form of the annual report must be filed so that the North Carolina Corporations Division has the signature of the new registered agent on file.
- Professional limited liability companies (PLLC), professional corporations (PCs), and limited partnerships (LPs) are not required to file annual reports with the state.
- For businesses operating as charities, the license must be renewed annually with the Charitable Solicitation Licensing Section at the Secretary of State website.
- Annual reports can be filed online at the North Carolina Secretary of State website.
- If you prefer to file the annual report by mail, include a check or money order for $200. Make the check payable to the North Carolina Secretary of State. Mail the annual report to: Secretary of State, Corporations, P. O. Box 29525, Raleigh, NC 27626-0525.
Annual Report Filing Dates and Fees
A standard LLC must file an annual report by April 15. The due date is not tied to fiscal year-end. Once an LLC is incorporated, the first annual report won't be due until the following year and will remain due on April 15 as long as the LLC is in operation.
If an LLC is listed under Profit Corporations, the annual report is due the 15th day of the fourth month after the fiscal year end. The current cost for filing is $20 if filed online and $25 if filed by mail.
Foreign corporations must also file on the 15th day of the fourth month after the fiscal year ends. The filing fee is $25 by mail and $20 online.
A Domestic or Foreign LLC must file by April 15. The filing fee is $202 online and $200 by mail.
An LLC operating as a charity files an annual report on the date the license was assigned. The fee is based on contributions received and may range from $0 to $200.
North Carolina issues a notice to LLCs that have failed to file their annual reports or have filed reports that were rejected. These LLCs are considered delinquent and have 60 days from the notice date to resolve the issues or provide valid proof that delinquencies do not exist.
If the LLC fails to respond to the notice issued by the North Carolina Secretary of State within the 60-day timeframe, the corporate charter will be either dissolved or revoked.
North Carolina LLC Taxes
Most LLCs are considered "pass-through" entities when it comes time to file federal income taxes. The pass-through designation means the responsibility for paying the LLCs taxes "pass through" to the members. The LLC does not pay federal income tax, just the members.
If the owner of an LLC has chosen to have the business treated as a corporation, Form 2553 can be used to file taxes with the Internal Revenue Service. In this case, the company is not using the default pass-through filing option but instead filing a separate return for the LLC.
The current corporation tax in North Carolina is a flat 5 percent of taxable income.
An LLC that has employees must pay employer taxes to the Internal Revenue Service.
For LLCs selling goods in North Carolina, sales tax must be collected and paid. The LLC must be registered with the Department of Revenue to make sales tax payments on goods sold.
If the LLC will be doing business in other states besides North Carolina, it may be required to be registered in some or all the states. This will depend on the rules and regulations governing each state where the LLC may be doing business.
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