2.1 Annual Obligations
18. What are the annual obligations of an LLC?
- Renew the registered agent
- Renew the mailing address
- File the Annual Report with the state where the LLC is formed
- Pay any applicable state taxes in the state where it was formed
- File an annual tax return with the IRS (regardless of whether the LLC has conducted business or not, there is always an obligation to file a Tax Return with the IRS each year)
There may be other annual obligations depending on the state where the LLC was formed, such as paying a Franchise Fee, as well as submitting additional reports that the government or other authorities in the U.S. may require from any LLC.
2.2 Addressing
19. What address should I provide to others for my LLC?
You should use the address listed as the Mailing Address in the LLC formation document.
20. What happens if I provide someone with an address from the LLC formation document that is not the Mailing Address?
You will not receive any correspondence sent to that address, and it will not be possible to recover it.
2.3 Peace of Mind (POM) Service
21. What is "Peace of Mind" (POM) that you offer?
It is the name of the membership we offer that ensures compliance with the basic annual obligations required to keep an LLC active.
- State renewal fee payment (to be paid before the 1st day of the anniversary month of the LLC formation).
- Payment for the resident agent for one additional year.
- Filing of the annual report with the state where the LLC was formed.
- LLC correspondence address. Forwarding costs to the client’s address are the client’s responsibility.
- Annual Income Tax Return filing with the IRS.
- Monthly monitoring of your company, including any new regulations or laws you need to be aware of.
This subscription costs only $40.00 USD per month.
If the LLC is located in one of the following states, an additional annual charge is required in addition to the $40.00 monthly fee, depending on the state where it is formed:
- California: $800 USD
- DC: $300 USD
- Delaware: $300 USD
- Maryland: $300 USD
- Massachusetts: $500 USD
- Nevada: $350 USD
- Tennessee: $300 USD
To receive the services included in the POM membership, the LLC must be current with its fees and must have paid at least 10 consecutive fees.
2.4 Tax Returns
22. What is a Tax Return?
 It is the term used in the U.S. for the annual income tax return that is filed with the IRS.
23. When must my LLC file a Tax Return with the IRS?
- If your LLC is Multi-Member, it must be filed by March 15th of each year.
- If your LLC is Single-Member, it must be filed by April 15th of each year.
2.5 BOI Report
24. What is the BOI Report, how do I file it, and how does it work for new companies?
The BOI Report is a mandatory report for all LLCs that certifies to FINCEN who the final beneficiary(ies) of the structure is. LLCs created before January 1, 2024, have until January 1, 2025, to file this report. LLCs created after January 1, 2024, have 90 days from the date of formation to file it.
25. What does FINCEN stand for?
Financial Crimes Enforcement Network
26. How much does it cost to file the BOI Report with FINCEN?
- $100.00 for LLCs formed before January 1, 2024.
- Free if you form your LLC with Maera after January 1, 2024.
27. What is the penalty for not filing the BOI report on time?
The penalty is $500.00 per day until the report is filed.
2.6 State Reporting
28. What are the penalties for not reporting to the state?
Penalties vary by state, and generally, late fees accumulate over time. Therefore, state taxes and reports required by the state where your LLC is formed should be paid and filed on time.
2.7 Other Compliance
29. Am I required to maintain formal accounting for my LLC?
The LLC is not required to maintain formal accounting; a simple Excel sheet tracking income and expenses is sufficient if the owner wishes to manage it that way. The LLC owner decides how to manage the accounting.
30. I have questions about deductible expenses for the LLC. Can expenses like gas, groceries, restaurants be deducted?
It is recommended that you consult with an accountant in the USA, as we do not offer accounting advice.
31. What is the INFORM law?
The INFORM Consumers Act is a U.S. law that went into effect 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.
32. What is BE-13?
BE-13 is the Survey of New Foreign Direct Investment in the United States, used by the Bureau of Economic Analysis (BEA) to collect information about foreign-owned or financed businesses in the U.S.
33. What is FBAR?
Form 114, known as the Foreign Bank and Financial Accounts Report (FBAR), is a filing requirement to be completed when you have an interest in or signature authority over foreign financial accounts, and at any time during the year, those accounts exceed $10,000. This form must be filed annually with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury under the Bank Secrecy Act. The purpose is to report any financial instruments held in foreign institutions, including bank accounts, brokerage accounts, mutual funds, and other financial accounts. Filers must provide the name of the foreign bank, its address, the account number, and the maximum value of each foreign account during the reporting year.
34. What is ETBUS?
ETBUS stands for Engaged in Trade or Business in the U.S. or ECI (Effectively Connected Income). It is a term used to determine if an entity, such as an LLC, is involved in business activities in the U.S. and is therefore subject to certain federal taxes. Essentially, it refers to companies with a significant level of trade or business operations conducted within the U.S. An LLC classified under ETBUS or ECI must pay state and federal taxes in the U.S.
35. What is a DUNS number?
DUNS stands for Data Universal Numbering System. It is a unique nine-digit identifier for businesses. A D-U-N-S Number is needed to establish your business identity in the commercial world, helping with the verification of business information, tracking credit, and participating in government contracts.