Annual reports are required for an entity to remain active and in good standing with its state of formation.
What is this?
Requirements for annual reports vary from state to state and entity to entity regarding deadlines, fees, and neccessary information. In general, annual reports are required, as you would expect, annually. Typically, annual reports confirm or update the information filed with the state for your entity, such as the business address, registered agent, and persons involved (officers and directors for a corporation, or managers and/or members for an LLC). To ensure that your business is viewed as a separate entity from yourself for tax and liability reasons, it is important to maintain corporate compliance; filing your annual reports is one way to do this.
How do I do this?
- Most states allow you to file your report online.
- Often, notices are sent to the business address or email address on file with the state.
- Pay the fee associated with the annual report.
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Take a look at these actual client stories to see how much of a difference an Anderson plan can make.
We set up a Nevada LLC for a client with significant savings. She was sued 3 years later for an environmental claim stemming from property she owned over 30 years before. Plaintiff wanted over $2 million in damages for the cleanup. After we disclosed that her assets were protected by a Nevada LLC and a HELOC on her residence Plaintiff accepted less than $100k in a settlement.
A bank wanted to pursue one of our clients for a deficiency judgement ($5.5 million) for commercial real estate he lost in foreclosure. Once the bank found out how we protected all of our clients remaining assets with LLCs and a Nevada holding LLC the bank’s attorney stated “we decline to seek a deficiency judgment given the complicated structure you have weaved for yourself.”
Our client purchased property in a LLC and it was later discovered the soil beneath the property was contaminated. The state sued the LLC to clean up the land. Client walked away from the property without any personal liability. Without the LLC he would have been on the hook for over $1 million.
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Speak with an Anderson Professional Advisor to get your business planning blueprint to determine the best entity structure plan for you and your unique situation.