21 Oct NJ LLC Annual Report Filing Requirements.

NJ LLC Annual Report Filing Requirements

If you’ve just completed the formation process to start your new limited liability company, there is reason to celebrate. However, it’s important to remember that after the initial paperwork is filed, New Jersey requires some ongoing reporting to maintain your LLC status.  You will need to file an annual report that keeps your state government updated on a few crucial aspects of your business. This article will help you determine whether you need to file an annual report, how to file it, and how much it will cost.

WHAT IS AN LLC ANNUAL REPORT?

The main reason for filing annual reports for your limited liability company is to inform the state of any changes made to your company’s basic contact information. By completing this requirement, you can keep your LLC compliant and in good standing with your state of formation.

If you fail to file an annual report, you may initially be subject to additional fees or fines. New Jersey will dissolve your LLC if you leave an annual report unsubmitted for a lengthy period of time. For this reason, it’s very important to take this requirement seriously and always remain up-to-date with your annual reports.

The reason the government takes annual reports so seriously for limited liability companies is that if your business information is out of date with the state, they may be unable to contact you in the case of a lawsuit. That is a situation all business owners should hope to avoid, so filing an annual report is in your best interests as well.

DO I NEED TO FILE AN ANNUAL REPORT?

Annual reports are required for all limited liability companies in New Jersey.  Your registered agent will receive notice every year when the annual report is due with instructions on how to file and pay.

All profit and non-profit corporations (domestic and foreign), as well as all limited partnerships, limited liability companies, and limited liability partnerships must submit annual reports and associated processing fees each year following their dates of incorporation/registration. Online filing is now mandatory for all annual report filings. The annual report due date for all businesses will be the last day of the anniversary month of the entity’s formation in New Jersey.

The annual fees are:

$50.00 for profit corporations, LPs, LLPs, and LLCs
$25.00 for non-profits

Information from the annual report is public and forms the core of the State’s corporate/ business status reporting system. This information is relied on heavily by the commercial, financial and legal sectors.

Individuals who may sign the annual report are specifically designated. For corporations, either the registered agent or a corporate officer may sign. Annual reports for other business types may be signed by any authorized representative.

Annual report filing is a prerequisite for maintaining an active business status. In accordance with State law, businesses that fail to file annual reports for two consecutive years will be revoked.

Electronic Filing Mandate

All business entities are subject to the annual report electronic filing mandate. If the business, its officers, directors or registered agent do not have access to the internet that would enable compliance with the electronic filing requirements, an e-file exemption request may be submitted. Notarized statements by both an authorized business representative and the registered agent indicating the lack of internet access are required. Approved exemptions are valid for the current filing year only.

HOW DO I FILE MY ANNUAL REPORT?

You may use the annual report filing to change a registered agent or registered office for the business. The fee of $25.00 for these changes is in addition to the annual report fee. Remember that a registered agent must have a New Jersey address and that the physical location of the registered office must be indicated.

For the most part, the actual filing process for annual reports is quite simple since they do not request a great deal of information. If you file your own annual report, the biggest challenge is remembering your due dates year after year to avoid fines and/or dissolution.

Another popular option is to hire a business service provider to handle NJ LLC Annual Report Filing Requirements for you.  Alba CPA not only take care of filing your annual reports, but most will also track your due dates so you never miss a filing deadline.

FINAL THOUGHTS

An important decision to make is whether you should file your own LLC annual reports or let a respected business service provider handle NJ LLC Annual Report Filing Requirements for you.

In general, the choice comes down to two factors: How much do you trust yourself to keep track of the due dates and how much do you dislike doing paperwork?

Whether you choose to do your own annual reports or hire a service provider, you’ll find that as long as you keep up with due dates, annual reports do not need to be a stressful part of owning a business.