Michigan LLC and INC Annual Filing Requirements

Michigan LLC Annual Filing Requirements

The chosen structure is a determining factor when it comes to the business formation process as well as state annual requirements. Michigan, like any other state in the USA, has certain annual requirements that every business must be compliant with. One of the key requirements is the Michigan LLC annual statement. The annual statement is another name for the annual report. This document contains comprehensive information concerning the financial standing of a company. Generally, an annual report includes the overall financial performance of the said LLC along with the various activities undertaken in the prior fiscal year. The Michigan LLC annual requirements will be different for domestic and foreign LLCs.

Michigan LLC Annual Statement

Most forms of businesses including LLCs have to be compliant with state laws including filing an annual report in Michigan. The annual report is known by many names such as, “statements of information” and “yearly statements”. The information required can vary from one state to another. The Michigan LLC annual requirements are governed by the 2020 Michigan Compiled Laws, and the filing of the annual statement will be in accordance with MI Comp L § 450.4909 (2020).

What does it include and how to file?

An LLC annual statement is a document that provides the state with updated information on the said entities operating in the state. If you are wondering how to file an annual statement in Michigan, it can simply be submitted online or by mail. According to the Michigan LLC annual requirements, you may be required to provide the following company information:

• Business name
• Entity ID (LARA)
• Principal Office street address
• Registered agent information
• Purpose and Activities

What is the due date for filing?

As a limited liability company, filing an annual report in Michigan is an important step toward maintaining an active status in the state. The annual statement must be filed by the 15th of February each year. If the registration of your LLC has taken place after September 30 in a given year, then you can skip the Michigan LLC annual requirements in the first year. The filing fee for the Michigan annual statement is $25.

For Example: If you registered or formed your limited liability company on April 22, 2022, then the Michigan LLC annual statement will have to be filed by February 15, 2023. Similarly, if your LLC was registered on October 22, 2022, then you don’t have to file the annual statement in 2023. You can file it by February 15, 2024.

Do you want to file an Annual Statement for your LLC?

Penalties if fail to file

The Michigan LLC annual statement must be filed by the 15th of February each year. It is an important annual state requirement. Failure to file by the due date will lead to penalties. There is an initial penalty of $50. If you fail to meet the Michigan LLC annual requirements for 2 consecutive years, then an administrator’s notice will be issued and the company will be regarded as “not in good standing” with the state.

Michigan INC Annual Filing Requirements

An annual report, also known as the Michigan annual statement, is a key business document. The annual statement is one of the integral Michigan Corporation annual requirements. This report is required to be filed by various types of businesses including domestic and foreign corporations. The report has to be filed with the Michigan Department of Licensing and Regulatory Affairs (LARA) – Bureau of Corporations, Securities & Commercial Licensing – Corporations Division. The requirement and the contents of an annual report will vary depending on the type of entity and the jurisdiction or state of formation. If you are wondering how to file an annual statement in Michigan, then you need to know that there is a process to file.

Michigan Annual Report for a Corporation

If you have already or recently registered a corporation in the state then you will need to maintain all Michigan Corporation annual requirements including filing your annual statement. Domestic corporations and foreign corporations will have to file their annual reports pursuant to 2020 Michigan Compiled Laws, Chapter 450 – Corporations – MI Comp L § 450.1911 (2020).

What does it include and how to file?

Filing an annual report in Michigan is important but the contents of the annual statement may vary from one state to another. It is not a financial statement but it may contain financial information concerning the said company. As a part of the Michigan Corporation annual requirements, the following information is required in the report:

• Business name
• ID number as assigned by LARA
• Name and address of the registered agent
• Statement of business purpose or general nature
• Names and addresses of officers and directors
• Signature and title of the person filing the report

What is the due date for filing?

Once you’ve incorporated in the state, your company will need to be compliant with all Michigan Corporation annual requirements. Filing the annual statement will ensure your compliance and help your corporation to maintain an active status with the state. Filing an annual report in Michigan for a corporation requires you to be mindful of the due date, which is the 15th of May each year. The filing fee for the Corporation annual report is $25.

For Example: If you incorporated your company on June 10, 2022, then according to Michigan Corporation annual requirements, you will need to file the report by May 15, 2023.

Filing an Annual Report for your Corporation is easy!

Penalties if fail to file

Filing an annual report in Michigan by the due date is of vital importance. Failure to file the statement may lead to fees and penalties. According to Michigan Corporation annual requirements are governed by MI Comp L § 450.1921 (2020). Neglecting, failing, or refusing to file the annual statement will lead to a penalty fee of $10.00 for each month that the corporation is delinquent, and will not exceed $50.00. If a corporation is unable to file the annual statement for a period of 2 years then it will be dissolved 60 days from the date of the expiration of the 2-year period pursuant to MI Comp L § 450.1922 (2020).

Other Filings Requirements

The annual report or annual statement is one of the most important corporation or Michigan LLC annual requirements, but it is not the only annual requirement. Each state requires new and existing companies to remain in good standing with the state. This is only made possible by fulfilling all annual state requirements. In Michigan, other filings or requirements include state and business taxes. The business taxes are normally due on April 30th or by the end of the fourth month after the end of a tax year. Apart from this, you may also need to renew your state business licenses and county licenses annually.

Need any Assistance with Filing Michigan LLC or INC Annual Reports?

Annual compliances are different in each state of the USA. Therefore, the Michigan Corporation annual requirements might not be similar to Florida to Kansas. An annual compliance consists of business or state taxes, and filing an annual report in Michigan. If you choose us as your registered agent in Michigan then we can assist you with any information you may require related to the annual report. We can also help you avoid penalties by filing it by the due date.