Assistance with reporting
Annual report filings are mandatory to keep your LLC or corporation in good standing. Failure to file within the deadline will result in a penalty that carries interest.
- Ensure accuracy
- Stay in good standing
- Assistance from experienced attorneys
Why get assistance with reporting
Just about every state requires you to file an annual report in order for them to keep track of the different business entities operating within state lines. Annual report filings represent costs that limited liability companies (LLCs), C Corporations (C corps), S Corporations (S Corps), limited liability partnerships (LLPs) and nonprofit corporations have to pay each year as long as the business is active.
While many of these state forms call for basic information, it is often time-consuming and hard to read, especially if you do business across multiple states. LawTrades annual report services help you file these annual reports on your behalf to help you avoid harsh financial penalties associated with inaccurate information and missed deadlines. Also, the formalities necessary to maintain an LLC are infrequent compared to corporations. An LLC isn’t ideal for every business though. If you plan on bringing on outside investors then an LLC is not preferred. Generally, owners of LLCs are unable to issue stock options to their employees with the same tax advantages as a corporation. It’s also impossible to “go public” as an LLC. As such, many institutional investors, like venture capitalists, have frameworks that don’t even allow them to invest in LLCs. Finally, it can be difficult and expensive to convert your business structure down the road so it’s important to make the right decision in the beginning.
Ensure info is accurate
Our annual report services ensure that all your information is accurate and calculate what franchise tax is owed, which varies by state.
Attorneys handle your annual report filing
We provide the best financial reporting services that file the required documents on your behalf with the respective states using a team of data-driven attorneys and legal professionals.
Stay in good standing
Our annual report services make sure your business entity is in good standing by providing you with confirmation of annual report filing and give you a peace of mind.
When are they due?
The due dates for annual report filings vary from state to state. Many state go by your company’s anniversary date, whereas other states like Delaware make annual report and franchise taxes for corporations due March 1st and LLCs on June 1st.
What happens if I don’t file a report?
If you file late or do not file at all, you will incur fines and penalties. Your business may no longer be in good standing with that state and you be revoked the authority to do business in that state. That may make you personally liable for all business debts.
What is the purpose of annual report filings?
Annual reports are used to provide updated information on the business to the state. Your business may have moved locations or changed management or dissolved itself. These reports provide the state with a means for keeping updated on your business information.
What is a used to calculate franchise tax?
The way franchise tax is calculated various by state. Common methods include business income, assets, number of outstanding shares and their par value, and more. Speaking with a legal professional on LawTrades will help you figure it out since it will be different for each business.
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