Your business is now operational, promotions and marketing are well mapped, sales are doing well, and you are planning for your anniversary! But you ask yourself, what else do I need to do to keep my business going?
While you continuously build your network and aim for financial stability, you have to ensure your business remains secure, compliant, and in good standing by filing annual reports.
The annual report in other business is not the usual balance sheet, income and expenses details, or summary of the year’s activities distributed to its shareholders for an LLC.
Filing an annual report for an LLC is a must in most states of the government where your business is registered. There are some states that require a biennial report submitted every other year. The annual report focuses on updating the company’s contact information. You may file this yourself or seek assistance from an agency you may have hired previously to file this for you.
If you are in Nebraska and want to know what the requirements are in filing LLC Annual reports, read on as we tell you all that you need to know.
What do you need to know about filing an annual report for an LLC?
Here is a short checklist which may serve as your guide:
- Check when filing an annual report is due in your state
- The filing of an annual report is between January 1- April 15
- Select the correct form based on your LLC business type
- Forms are available online via the state government website or request for door-to-door mail from the secretary of state office
- Prepare the information of the company’s name, physical address, and services offered. Specify if there has been a change of the members, business address, or services.
- Most states require the names and personal home addresses of the owner, members, and some states would require details of the shareholders, whether active or not.
- Pay the fee according to the state your business is registered with or without a change in your organizational structure.
- Pay via credit card if you processed online or via check/money order if you mailed a hardcopy.
What is the danger of not filing the annual report?
Forfeiture and dissolution are the results if you miss filing the annual report. The state government will confiscate your business registration and license to operate. Once your business is dissolved it can harm the owner and credit line.
However, once you fix your business issues you can apply for reinstatement within two years from the date of the dissolution and another three years for late reinstatement. Applying for business reinstatement requires paperwork and additional fees, so avoid falling into this trap!
If you are busy, seek help. There are different institutions that can do the filing for you. You have come a long way to make ends work. It is wise to get things ahead, do not miss out, and say no to business shutdown!