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

Every year, LLC company owners are required by Minnesota State law to file for their LLC Annual Renewal with the State of Minnesota. The State of Minnesota uses the term “Annual Renewal”, however, it is synonymous with the term “Annual Report” that is used in most States.

In this case, filing an LLC Annual Renewal is essential for compliance and maintaining a good record with the State of Minnesota. 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 Minnesota.

 

When to File Your LLC’s Annual Renewal?

The Annual Renewal should be filed every year from the time you filed your LLC initial report. The due date of the Annual Renewal is the 31st of December of the following year that your LLC was formed/approved. Note that you can submit your LLC Annual Renewal to the State of Minnesota anytime before your due date.

If your LLC was formed and approved on September 9, 2020, your LLC Annual Renewal deadline is due on the 31st of December, 2021, and also every year.  

To avoid forgetting your Annual Renewal 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 Renewals, 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. 

  1. State-issued LLC entity number
  2. Date of organization 
  3. Minnesota 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. 0 USD filing fee. The filing fee for the LLC annual renewal in the state of Minnesota is completely free.

 

What Will Happen If I Don’t File My Company’s LLC Annual Renewal?

Not filing your company’s LLC Annual Renewal in Minnesota will result in the administrative dissolution of your company by the State of Minnesota.

 

Where to File the LLC Annual Renewal?

Fortunately, filing your company’s LLC Annual Renewal is now easier. You can file your LLC Annual Renewal online through the Business filings search page. 

The state also allows for submission through the mail and in person. For submission through the mail, you will start by downloading the Annual Renewal form, print the form, complete it, and then hand-deliver or mail it to the address:

Minnesota Secretary of State – Business Services

Retirement Systems of Minnesota Building

60 Empire Drive, Suite 100

St. Paul, MN 55103

 

How to File Your LLC Annual Renewal online: A Step-by-Step Guide

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

Step 1: Go to the State of Minnesota’s Business filing web page and enter your LLC name on the webpage.

Step 2: Find your LLC name or number on the page and click on details that will be next to your LLC name.

Step 3: go to your business record details page and choose the file amendment/renewal option. You’ll need to create a new account here if you don’t have one yet.

Step 4: Input the information required and submit your Annual renewal. There is no payment to be made as the State of Minnesota makes the annual renewal completely free.

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

Your Annual Renewal will be processed by the State of Minnesota immediately if you submit online, however, it will take between 4 to 7working days if you submit non-electronically.

 

Important Reminders

The State of Minnesota will send a reminder to you or the registered agent of your LLC a few months before the date your LLC Annual Renewal 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 Renewal and LLC Partner Tax?

Most company owners mistake LLC Annual Renewal 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 Renewals and Change Services

Aside from filing your company’s LLC Annual Renewal, here are the other business documents that can be generated through the Annual Renewals 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 Annual Renewal or paying taxes.

Of course, aside from these, some of the other tasks you can perform in the Annual Renewals 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 Annual Renewal in Minnesota. 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 Renewal, 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.