Forming an LLC is generally a good idea if you’re starting a business. If your business is based in Wisconsin, then you have to file your LLC with the Wisconsin state government. That way, you’re legal to operate and you avoid unnecessary fines and penalties.
However, if it’s your first time to form an LLC, then you need to know that it will involve quite a bit of paperwork. And that paperwork doesn’t end once you’ve formally established your LLC. To maintain the good standing of your Limited Liability Corporation, you have to periodically send in more paperwork.
These paper works include filing your LLC Annual Reports. Wisconsin law requires all LLCs based in Wisconsin to file an Annual Report with the Secretary of the State of Wisconsin.
What is an LLC Annual Report?
An LLC Annual Report is a report you file every year, and it’s meant to furnish the state government with the crucial details regarding your LLC. This report should include any updated info or changes that may have happened since the last filing period. As the annual report contains crucial data, it’s also sometimes referred to as a statement of information.
Every LLC in most states has to submit its annual reports. The required information may change a bit depending on the state, but usually, the report will contain the following information:
The name of the LLC
- The main business address of the LLC
- The names of each LLC member (owner), and their addresses
- All the crucial ID numbers for the LLC, such as the state entity number
- The main purpose of the LLC
- A list of authorized signatories
- Information regarding your registered agent
Filing Options
In the State of Wisconsin, the annual report can be filed online, through the mail, and in person. Submissions through the mail and in-person involve downloading a hardcopy of the annual report form, completing it, and then mailing it along with the check for the filing fee to the address:
State of WI – Dept. of Financial Institutions
P.O. Box 93348
Milwaukee, WI 53293-0348
In the case of in-person delivery, the completed form and the check for the filing fee are hand-delivered to the address:
Department of Financial Institutions
Division of Corporate & Consumer Services
201 W. Washington Ave. – Suite 300
Madison, WI 53703
The good news is that you don’t have much to pay, as the cost of the Annual Report in the State of Wisconsin is 25 USD only for domestic LLCs, meanwhile, foreign LLCs will need to pay a sum of 80 USD for their Annual Report filing fee. However, it may cost more if you fail to file the report on time, as it may result in the dissolution of your LLC. You’ll then have to spend money, time, and effort to reestablish the LLC.
Filing the Annual Report helps to make sure that your LLC is compliant with all state regulations. That should keep your LLC in good standing with the Wisconsin state government, ensuring that your business enjoys all the LLC benefits and protections.
Deadlines
If you’re a member (owner) of a Wisconsin LLC, you have to ensure that you send in these Annual Reports on time. In the State of Wisconsin, the deadline for filing your Annual report is the last day in the quarter in which your LLC was formed/approved. For example,
- If your LLC was formed in the first quarter of the year (January to March), your deadline is the 31st of March.
- If your LLC was formed in the second quarter of the year (April to June), your deadline is the 30th of June.
- If your LLC was formed in the third quarter of the year (July to September), your deadline is the 30th of September.
- If your LLC was formed in the fourth quarter of the year (October to December), your deadline is the 31st of December.
To keep you from forgetting, the state helpfully sends out reminders as your LLC Annual Report deadline approaches. These reminders will be sent to the address of your Registered Agent you listed on your application when you filed the Certificate of Formation. This is a great step by the State of Wisconsin, however, it is advised that you set your own reminder to ensure that you do not forget.
Required Steps
It’s easy since you only have to go online. Here are the detailed steps you need to take to file your Wisconsin LLC Annual report:
- Go to the Financial Institution Department of the State of Wisconsin webpage.
- Hover around the Corporations icon, and then click on the File an LLC or Corp Annual Report.
- Enter your LLC number or the name of your LLC on the next page and then click on the File an Annual Report option.
- Make all the necessary changes to your details as required.
- Choose the submit button after you have made and review all the changes.
- You’ll be required to make a payment of the 25 USD or 80 USD filing fee that the State Charges as the case may be with your Credit/Debit card by entering your Card detail.
- The next page will confirm that you’ve submitted your Annual Report for Filing and have made the payment.
Again, just make sure you do all this on or before the last day of the quarter your LLC was formed/approved by the State of Wisconsin.
Who Should Do This Task?
Basically, the right person to do the task is the person with access to the necessary information that must be included in the Annual Report. This can be a member or LLC officer. It can be someone that the LLC authorizes to file on its behalf.
Professional Assistance
It’s very possible that you can foist this task to professionals, such as the online service provider that helped you with the LLC formation procedure and provided you with its registered agent services. This may be part of a package (usually the medium or premium package), though it may be available as an extra service for a fee with the basic formation package.
This does save you a lot of time and tedium. Plus, you can concentrate on your business while the service deals with all the necessary report filing.
In addition, the service provider can maintain your privacy, as it will take care to submit only the absolutely required information. The privacy benefits may include the following:
- The service provider can list their contact information, so that you won’t have to file your residential address and personal smartphone number.
- The service provider will also list only their IP address. This limits the connection between your smartphone, personal PC, and LLC work computers. That way, advertisers can’t track you online.
- In case that the report asks for bank and credit card information (when the filing suddenly comes with a fee), then the service providers also furnish their own bank and credit card information. You still protect your own bank and credit card info.
An online service provider charges much more reasonable rates, compared to what a lawyer might charge. A reputable service provider can also file the Annual Report as soon as possible, so you can be sure that it won’t be late and your LLC won’t suffer any fines and penalties (such as dissolution). You can check our top brands such as ZenBusiness or Northwest Registered Agent.
There’s no uniform fee as to what a service provider will charge for filing the Wisconsin LLC Annual Report. The best brands in the business usually charge $100 or so.
Conclusion
If you’re the sole owner of the LLC and you have the time to spare, then it’s really no trouble doing this yourself. The main risk is that you may make a mistake, by entering the wrong information or by pressing the wrong keys. A professional with extensive experience with this task will be very unlikely to make those mistakes.
Still, it’s all up to you. Just make sure you get the Annual Report filing done for the year!
