2. Maintenance and Compliance
Annual Obligations
Renew resident agent
File an annual report with the state where it is formed (when applicable).
Pay applicable state taxes in the state where formed
File Income Tax Return with the IRS (regardless of whether or not the LLC has had operations, there is always an obligation to file a Tax Return each year with the IRS).
There may be other annual obligations depending on the state where the LLC has been formed, such as the payment of a Franchise Fee, as well as the submission of additional reports that the government or any other authority in the USA may request from any LLC.
Address
The one that appears as Mailing Address in the formation document of your LLC.
You will not receive correspondence sent to that address, nor will you be able to retrieve correspondence sent to that address.
Tax Returns
This is the name given in the U.S. to the Income Tax Return filed annually with the IRS.
If your LLC is a Multi Member you must file by March 15 of each year.
If your LLC is a Single Member or a Corporation, you must file by April 15 of each year.
2.5 BOI Report
It is a mandatory report for all LLCs that certifies to FINCEN who is the beneficial owner(s) of the structure.
All LLCs created before January 1, 2024 have until January 1, 2025 to file the report.
LLCs created on or after January 1, 2024 have 90 days from the date of creation to file the report.
Financial Crimes Enforcement Network
$500.00 per day until the report is filed.
100.00 for LLCs formed before January 1, 2024
Free when you form your LLC with Maera if the LLC is formed on or after January 1, 2024.
State Reports
They depend on each state and usually surcharges are applied over time so state taxes and reports required by the state where your LLC is formed must be paid and filed on time.
Other Compliance
The LLC is not required to keep a formal accounting, an excel sheet with income and expenses is enough if the member wants to manage it that way. The owner of the LLC decides how to manage the accounting of his LLC.
If you would like accounting or tax advice, contact us here.
The INFORM Consumers Act is a U.S. law that became effective on June 27, 2023. This law imposes certain obligations on online marketplaces, including the Shop app, to collect, verify and disclose certain information about high-volume sellers.
It is the form Survey of New Foreign Direct Investment in the United States, is used by the U.S. Bureau of Economic Analysis (BEA) to collect information on foreign-owned or financed companies in the United States.
FinCEN Form 114 or the Report of Foreign Bank and Financial Accounts (FBAR) is a filing requirement that must be completed when you have an interest in or signature authority over financial accounts in a foreign country, and at any time during the year, such accounts exceed a balance of $10,000.00 This form must be filed annually with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) pursuant to the Bank Secrecy Act. The purpose of this filing is to report any financial instruments held at any financial institution outside the United States, including bank accounts, brokerage accounts, mutual funds, and other financial accounts.
Those filing an FBAR must provide the name of the foreign bank, its address, the account number, and the maximum value of each foreign account during the tax year being reported.
An acronym for Engaged In Trade or Business in the US or ECI (Effectively Connected Income), it is a term used to determine whether an entity, such as an LLC, is engaged in business activities in the country and, therefore, is subject to certain federal taxes.
Basically, it is a concept used in the tax and corporate environment and refers to those companies that have a significant level of traffic of goods or users of their operations that take place on U.S. soil.
Being within the ETBUS or ECI classification, an LLC must pay U.S. state and federal taxes.
An acronym for Data Universal Numbering System, it is a unique nine-digit identifier for businesses. You need a D-U-N-S Number to establish your company's identity in the business world, assisting in the verification of company information, facilitating the tracking of commercial credit and allowing you to participate in government bids.
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