Every year, LLC company owners are required by Maryland State law to file for their LLC annual report with the State of Maryland.
In this case, filing an LLC annual report is essential for compliance and maintaining a good record with the State of Maryland. 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 annual LLC report in Maryland.
When to File Your LLC’s Annual Report?
The annual report should be filed every year from the time you filed your LLC initial report. The due date of the annual report is the 15th of April of the following year after your LLC was formed/approved.
If your LLC was formed and approved on September 9, 2020, your LLC annual report deadline is due on the 15th of April, 2021, and also every year.
To avoid forgetting your annual 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 annual reports, it’s due the year after the approval of your LLC application.
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.
- State-issued LLC entity number
- Date of organization
- Maryland Business EIN (entity identification number)
- 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.
- 300 USD filing fee + personal property tax return (if required)
In addition to submitting your annual report in the State of Maryland, you may need to submit a Personal Property Tax Return as well if your LLC uses, leases, or owns personal properties in the State of Maryland. You can get the form here and also learn more about the process here.
What Will Happen If I Don’t File My Company’s LLC Annual Report?
Not filing your company’s LLC annual Report in Maryland will result in the administrative dissolution of your company by the State of Maryland.
Where to File the LLC Annual Report?
Fortunately, filing your company’s LLC annual Report is now easier. You can file your LLC annual report online through the State of Maryland Business Express page.
The state also allows for submission through the mail. For submission through the mail, you will start by downloading the annual report form and the personal property tax return form (if required), print the forms, complete them, and then mail them along with the check for payment of the 300 USD filing fee for the annual report and also another payment for the personal property tax return to the address:
Department of Assessments and Taxation, Charter Division
P.O. Box 17052
Baltimore, Maryland 21297-1052.
How to File Your LLC annual Report online: A Step-by-Step Guide
To help you file your company’s LLC annual Report, this article has outlined the steps of the process. Check them out below.
Step 1: Go to the State of Maryland’s Business Express filing portal. You’ll need to create a new account if you don’t have one yet.
Step 2: Log into your account, and choose Annual Report filing, input your LLC information.
Step 3: Follow the instructions provided on the web page to complete the process.
Step 4: The last step will prompt you to enter your payment details in order to make the payment of the filing fee with a Credit/Debit card. After entering the payment details, you can then submit your LLC annual report.
Your annual report will be processed by the Assessments and Taxation Department of the State of Maryland between 3 to 5 working days.
The Secretary of the State of Maryland will send a reminder to you or the registered agent of your LLC in the month of February (before the date your LLC annual report is due). However, it is still advisable that you set your own reminder to reduce the chance of forgetting to the minimum.
What Is the Difference Between an LLC annual Report and LLC Partner Tax?
Most company owners mistake LLC annual 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 annual Reports and Change Services
Aside from filing your company’s LLC annual Report, here are the other business documents that can be generated through the annual Reports and Change Services:
- Changing of registered agent/office
- Reinstating a business entity
- Closing a business
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 annual Report or paying taxes.
Of course, aside from these, some of the other tasks you can perform in the annual Reports and Change Services:
- File an amendment
- Business name search
- Change tax/Employer registration record
Finally, you now know how to file your company’s LLC annual Report in Maryland. 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 annual reporting, it’s best to organize your calendar. 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.