Iowa LLC Annual Report: What It Is And How To File?

Every 2 years, LLC company owners are required by Iowa State law to file for their LLC biennial report. 

In this case, filing an LLC biennial report is essential for compliance and maintaining a good record with the government. Likewise, another reason for this is to avoid the dissolution of your LLC company.

With that said, this article will guide you through the steps of filing your biennial LLC report in Iowa.

 

When to File Your LLC Biennial Report?

The biennial Report should be filed every odd-numbered year from the time the State of Iowa approves your LLC. The biennial report must be submitted between January 1 and April 1 of every odd-numbered year. To avoid forgetting your biennial report filing, you must always include it on your calendar of activities. 

For example, you can create a reminder on your phone or calendar to help you remember around one to two months before the due date to avoid missing the filing. 

On the other hand, if it’s your first year to file for LLC biennial reports, it’s due in the odd-numbered year after the approval of your LLC application. 

For example, suppose your company was established and certified on September 9, 2020. In that case, your first LLC Biennial Report is considered due between January 1, 2021, and April 1, 2021. Subsequent reports will be submitted in 2023, 2025, 2027, etc.

Another example, suppose your company was established and certified on September 9, 2021. In that case, your first LLC Biennial Report is considered due between January 1, 2023, and April 1, 2023. Subsequent reports will be submitted in 2025, 2027, 2029, etc 

Similarly, if you want to double-check the date when the state approved your LLC, it’s best to check your LLC’s Certificate of Formation. 

 

What Are the Requirements You Need to Prepare?

Before you file, make sure that you have these documents or information prepared. Preparing these documents beforehand can help prevent any delays during the process. 

  1. State-issued LLC entity number
  2. Date of organization 
  3. Iowa Business EIN (entity identification number) 
  4. Other important details about your company, such as:
  • Your registered agent
  • Its registered office address
  • Officers/directors or partners updated contact information
  • Insurance policy information including your proof of insurance, the insurance company’s name, the insurer’s name, and the policy date.
  • Your signature and title if you are the one filing the report.
  1. 60 USD and 45 USD filing fees for mail and online filing respectively.

 

What Will Happen If I Don’t File My Company’s LLC Biennial Report?

Not filing your company’s LLC Biennial Report in Iowa will result in the administrative dissolution of your company by the State of Iowa.

 

Where to File the LLC Biennial Report?

Fortunately, filing your company’s LLC Biennial Report is now easier. You can file your LLC biennial report online with the Iowa Secretary of State. The state also allows for the submission of hardcopy through the mail. For this, you will download the forms from the online filing web page. Complete the form, attach the payment of the 60 USD fee, and then mail it to the address:

Secretary of State

Lucas Building, 1st Floor

321 E. 12th Street

Des Moines, IA 50319

 

Note that hard copy fillings take between 7 to 14 working days to be processed. Meanwhile, online filings are processed immediately.

 

 

How to File Your LLC Biennial Report: A Step-by-Step Guide

To help you file your company’s LLC Biennial Report, this article has outlined the steps of the process. Check them out below.

Step 1: Go to the Iowa Secretary of State online filing page for the biennial report.

Step 2: Input your LLC business name and temporary code which your registered agent or you must have received in your mail.

Step 3: Confirm or input the email address of your Registered Agent, as this address would be used in the future.

You can also take the help of professional services such as ZenBusiness or Legalzoom to help you as your registered agent.

Step 4:  Read and follow the instructions on the next page and then continue 

Step 5: After this, you’ll review the information you have given. You’ll be required to answer a few questions on the page as well.

Step 6: Once you’re done, you need to enter your name in the signature box and enter either member or manager in the title box as the case may be, and choose the continue to review option.

Step 7: Review the information you have provided and correct all spelling mistakes and typos. After this, click on the Finish and Checkout option.

Step 8: Make the payment of the 45 USD with your Credit Card and save a copy of the receipt.

Your biennial report will be submitted after you have successfully made the payment and you will see a message congratulating you on filing your biennial LLC report in Iowa after paying.

 

Important Reminders

The Secretary of the State of Iowa will remind you of your biennial report in the month of January of every odd-numbered year after your LLC has been established. However, it is advisable that you set your own reminder to reduce the chance of forgetting to the minimum.

 

What Is the Difference Between an LLC Biennial Report and LLC Partner Tax?

Most company owners mistake LLC Biennial Report and LLC Partner Tax as being the same. Due to this misconception, they either miss filing one or the other. If you have multi-member LLCs, which means you have two or more owners, you must file for LLC Partner Tax.

 

Other Transactions You Can Do Under the biennial Reports and Change Services

Aside from filing your company’s LLC Biennial Report, here are the other business documents that can be generated through the biennial Reports and Change Services:

There are two possible reasons you might want to change your LLC’s assigned registered agent. First, you are dissatisfied with your existing agent and would like to change services. Second, you are your own agent and would like to get the services of a registered agent.

Regardless of the reason, you’ll need a registered agent for your company. This is because an LLC licensed agent plays a vital role in every company. In this case, your registered agent is the official representative of your company. 

For example, suppose the state needs to contact your company for some legal matters. In that case, there should be an authorized representative where they can send legal documents.

  • Reinstating a business entity

One reason for filing a reinstatement is that your LLC faced dissolution due to non-filing of the biennial Report or paying taxes.

 

Of course, aside from these, some of the other tasks you can perform in the biennial Reports and Change Services:

  • File an amendment
  • Business name search
  • Change tax/Employer registration record

 

Conclusion

Finally, you now know how to file your company’s LLC Biennial Report in Iowa. Making sure you comply with this requirement is essential to avoid penalties or the dissolution of your company.

In this case, to avoid forgetting your biennial reporting, it’s best to organize your calendar. In fact, it’s recommended to set a reminder two months before your date of filing. 

After all, as a business owner, it’s your responsibility to abide by the government’s ordinance to avoid penalties for your company.