FILE AN ANNUAL LLC OR CORPORATE REPORT & LEARN ABOUT REGISTERED AGENTS
If you run a business, it’s not easy. The Business Hatchery LLC of Dallas, TX, can help with various services available. Contact us today by calling 972-371-9594
Annual Report fee – $100.00
Registered Agent fee — $99.99 annually
WHAT IS AN ANNUAL 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 pre-determined 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.
If you’re a business manager, director, or owner, you must follow specific rules and regulations. One of those is filing an annual report for your business. We’ll explore what an annual report is, how to file it, what
it should contain other helpful information.
One important point — When we discuss annual reports, we’re talking about formal requirements to produce a report and file it with your Secretary of State. However, you may also produce additional annual reports for your investors, shareholders, and other stakeholders. We cover those later in this piece.
Formal LLC & Corporate Annual Reports — Required by Your Secretary of State
Suppose you’ve incorporated as a business — As an LLC, LLP, S-Corp, or C-Corp, you must file an annual report, generally with your state’s Secretary of State. This applies no matter how big or small your business is. Typically, sole proprietors and partnerships do not have to file an annual report.
WHAT IS CONTAINED IN AN ANNUAL LLC OR CORPORATE REPORT?
What does “doing business” in a state entail? Let’s talk about the actions that show you are carrying on business in another state. Essentially, you will probably be seen as a “foreign” entity that needs to register if your actions in a state go beyond routine transactions, such as making management choices. There are, however, a few straightforward guidelines that can be used to separate the “doing business” minors from the majors.
- First, the company would have a physical presence in the state. This refers to the existence of an office, store, or warehouse that services or solicits residents of that state in any form. It could also refer to having employees or even bank accounts in a state.
- Second, if your company has to pay state taxes in a particular locale, it will be tagged as “doing business” in a state. Taxes are assessed when a company sells directly from a state or upholds many contracts in a state.
If your business fits these criteria, you could benefit from filing a Foreign Qualification with us.
HOW TO FILE YOUR ANNUAL REPORT
If you do need to file an annual report for your LLC or corporation, you can generally do so online through your state’s website. In addition to filing your annual report, you will also need to pay a fee — These fees vary from state to state and could range between $50 and $400.
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 anniversary date of formation. The due dates for corporate annual reports vary from state to state, so find your filing date from your state’s website and put it in your calendar.
BUSINESS AND FINANCIAL ANNUAL REPORTS
Every process has paperwork and proper steps to follow. To give you an understanding of what we’ll be doing on your behalf, let’s review the process below:
- Name Search: Your corporation’s name will be compared to the database in each state to ensure no other company is using it. Hopefully, there will be no contradiction, but if there is, you’ll be asked to operate under a fictitious or assumed name. If you’d like to conduct your name search for your LLC, we’ve created How to Search & Choose Your Business Entity Name in all 50 States.
- Registered Agent: You must select a registered agent in that state.
- Certificate of Authority: Finally, you register for the right to do business in the state. This is similar to the incorporation process and requires some paperwork and fees to be submitted.
BUSINESS FINANCIAL REPORTS
Every business exists to make a profit, so finances are most often at the heart of a business’s annual report. Ways to present this information include:
Balance sheet: Information on the various financial assets, liabilities, cash-n-hand, and other vital factors of the finances of a business at a particular point in time.
Profit and Loss (P&L): The income, outgoings, revenue, expenses, and profits of a business.
b The volume and value of stock issued, either privately or publicly.
Financial projections and forecasts: Likely projected revenue and profits.
Other Business Reports
An executive summary: All the critical financial and other important information about the business is on one page.
Letter from the chairman/board of directors: A short message on business performance, outlook, and other essential areas.
Opportunities: Any significant opportunities for growth and expansion.
Risks: Any potential threats or issues to the business and how they’re being addressed.
Whether you’re filing a formal corporate annual report for your LLC, S-Corp, or C-Corp, or creating other business and financial reports, ensure you understand precisely what you require. At The Business Hatchery, we ensure your annual reports are perfect. Save yourself the time and effort of preparing and filing your annual report, and let us take care of things.
REGISTERED AGENT SERVICE. DEPENDABLE, EASY, AND FREE FOR THE FIRST YEAR WHEN YOU INCORPORATE WITH THE BUSINESS HATCHERY.
If you want to reduce the amount of tax you pay on your LLC earnings, an S Corporation Tax Election (form 2553) is a necessity. This tax election tells the Internal Revenue Service to tax your LLC business as an S Corporation, which could reduce the amount of income on which you need to pay self-employment tax (including Social Security, Medicare, and FICA). This can substantially reduce your tax bill with only a slight increase in administrative overhead for you and your accountant.
DOES MY BUSINESS NEED A REGISTERED AGENT?
Yes. Every LLC or corporation must have an official Registered Agent (sometimes called a statutory agent, resident agent, or agent for service of process) in each state where it does business. A Registered Agent serves as a permanent physical presence in the state, and the Registered Agent’s address is where the state government can contact you with legal and tax correspondence, including franchise tax forms, litigation notices, and required annual report forms.
WHY USE A REGISTERED AGENT SERVICE?
Registered Agent services like the one offered by The Business Hatchery help you avoid the hassles and inconvenience of managing all of your documentation from the state. They also help preserve your privacy by setting up a public-facing address for your business that is separate from your home. When you use a Registered Agent service, any official legal or tax correspondence will be forwarded to your personal, private contact address. The Business Hatchery Registered Agent service also helps you stay on top of deadlines (such as required annual reports) to keep your business in good standing.
THE BUSINESS HATCHERY RESIDENT AGENT SERVICE INCLUDES
Handling all of Your Documents
An always-available Registered Agent who will receive state and IRS mail correspondence, documents, and legal proceedings on your LLC’s or corporation’s behalf.
Online Dashboard
A digital dashboard where you can access, store, and retrieve any information we’ve received for your business.
Tailored Notifications
Email and SMS notification whenever we receive documents for your business.
Automatic Mail Forwarding
Automatic mail forwarding of all legal correspondence, documentation, and information directly to you.
First Year Free
The first year is free ($79.99 a year after) when you incorporate with The Business Hatchery through any of our business packages.
REGISTERED AGENT SERVICE
A good Registered Agent service can help you respond quickly in the event of a lawsuit, avoid missed deadlines, fines, and penalties for non-compliance, and otherwise manage the paperwork details so you can focus on running your business. Set yourself up for success with a Registered Agent looking out for you. Join The Business Hatchery community of entrepreneurs.
The S Corporation tax calculator lets you choose how much to withdraw from your business each year and how much you will take as salary (with the rest as a distribution). It will then show you how much money you can save in taxes.
Use our S Corporation Tax Calculator to view your potential tax savings.
WHY IS THE BUSINESS HATCHERY OFFERING A FREE REGISTERED AGENT?
Some have asked why is a free Registered Agent included in your first year of business formation packages. Generally, companies seek ways to charge you more for products and services. The Business Hatchery approaches things differently. Why? Because we care greatly about nurturing and supporting new business owners in their Business Hatching process. We believe small businesses are the driving force behind our economy’s growth by creating clever solutions to solve the world’s challenges.
Our offer of a free Registered Agent with incorporation is a direct result of client loyalty. We appreciate our loyal clients, and because of them, we can continue to grow our business. That means we can offer the best value around with our packages.
In need of an experienced business consultant? Contact us today by calling 972-371-9594.