Almost all states require LLCs to submit an annual report, also known as an annual return. The annual report is supposed to inform the state about the current state and the activities of the LLC during the course of the year. Here are some key components an annual report will contain for an LLC:
List of Managers or Members
The current year's annual will present the new list of the managers of the LLC or the managing members. It also ensures that the state has a current register of the person or persons managing the LLC and his or their physical location.
Registered Agent Information
Every LLC is required to appoint a registered agent, an individual, or a company that receives all legal and tax papers for the LLC. Checking and verifying the current name and address of the registered agent is the function of the annual report.
Statement of LLC Purpose
In most cases, an LLC’s annual report will need to include a brief description of the purpose of the limited liability company – the business that the entity was formed to carry on. This way it enables the state to produce evidence that ensures that the activities correspond to the records kept for the LLC.
Tax Identification Numbers
Preparation of the annual report sometimes entails the submission of federal and state tax identification numbers of the LLC. This entails the tax identification number known as the employer identification number filed when the business entity is in the process of filing taxes.
Company Address
One of them is confirming the official address according to which the LLC is registered in a particular state. The annual report can help the state to update more location information.
As a part of the management's commitment to continuously improve its organizational structure, the Company hereby provides the following statement of the management structure:
The basic organizational structure of an LLC is described in the annual report to show what kind of management/ownership option is chosen for the LLC, for instance, member-managed; manager-managed; board-managed, and so on. That confirms that it’s still in line with the operating agreement of the LLC, as detailed in the official document.
License Numbers
The annual report may request the licenses that the LLC may need to carry out the operations in case they are required by the state to issue.
That in brief outlines the major areas that are normally filled by an annual report for limited liability companies for state records. This report also re-emphasizes some main facts about the LLC's status and management.