If you have an LLC, you have annual LLC requirements. These are fairly simple to follow.
Firstly, you need to keep up with your annual report. In North Carolina, every LLC must file an annual report. The content of the report is very simple. You need to tell the state who the officers are, what the address is, and information about the registered agent. You can file your annual report online, in person, or by mail.
Law Plus Plus has an excellent article on Annual Reports.
The cost to file your annual report is $200 plus a $2 electronic filing fee.
The annual report is due April 15 each year for LLCs.
Secondly, it tax time. We all hate taxes, right? Each year, you have to file your tax return. Your LLC’s return will depend on the tax treatment you chose.
Disregarded Entities – April 15 on your personal taxes.
Partnership – K-1s are due March 15 and the rest is due April 15 on your personal taxes.
Corporate – Unless your fiscal year is not calendar year, corporate taxes are due March 15th. If you use a different fiscal year, it would be the 15th day of the 3rd month after your tax year ends.
Thirdly, there are formalities to follow. There’s no specific rule requiring LLCs to have annual meetings. However, the only appellate case on piercing the LLC veil suggests they might be a good idea. At your annual meeting, you simply need to reappoint your management. In single member LLCs, that’s you.
And, with all meetings, keep a paper record of actions taken. I personally have a file folder of me appointing me manager of my LLC.
Fourthly, you need to reapply for any licenses you need. Not all businesses in NC have license requirements. If yours does, there’s likely an annual fee to maintain that license.
Annual LLC Requirements
That’s it. Fortunately, that is all the annual LLC requirements. If you follow those four things, you’ve met your legal burden to maintain your LLC.
Richard is the managing attorney for Law Plus Plus, a local small business law firm. As managing attorney, he helps small businesses and nonprofits startup, creating the contracts, and navigate the legal needs of businesses. Some of his practice areas include: corporate, contract, mergers & acquisitions, corporate litigation, and estate planning.