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
When you file an annual statement, it is important to ensure that the information provided as a part of the Michigan LLC annual requirements, is current and accurate.
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.
By hiring IncParadise to be your Michigan Registered Agent you will then be able to benefit from using our entity management software. This software will send email notifications a month before the due date for filing an annual report in Michigan. Hence, you will be able to order it in advance and prevent any penalties.