If you have a limited liability company (LLC) in Maryland, you must file an annual report to keep your business in good standing. It’s a relatively painless process that can be done online.
What Is an Annual Report?
An annual report verifies your business information and tells the state of Maryland that your LLC is still operating. In addition, keeping up with annual reports is a legal requirement that enables you to obtain a Certificate of Status, which a bank or creditor might request to confirm your compliance.
In Maryland, the following information is required for the annual report:
- Business name
- Primary business address
- Business ID number
- Employee Identification Number (EIN)
- Name of business contact
- Business purpose
- Business email
- Member or manager names
- Authorized signers
How to File an Annual Report in Maryland
To file your annual report in Maryland, visit the Business Express website and log in to your account.
Select “File annual report” and fill in the required information.
The fee for filing your annual report is $300, and reports are due April 15. Fees for filing late depend on the number of days past due, with a minimum of $30 and a maximum of $500.
If You Do Business in Other States
If you do business in other states, register in those states as a foreign LLC. For example, if your LLC is registered in Maryland and you start doing business in Florida, you’ll need to register in Florida as a foreign LLC.
You’re generally required to register as a foreign LLC if:
- You have a physical presence of any kind in that state
- You have employees in that state
- You regularly meet with clients, managers, or investors in that state
- You are licensed to do business in that state
Once you’ve registered as a foreign LLC, your business will need to follow the annual reporting requirements of that state and pay taxes in that state.
Filing an annual report in Maryland is relatively easy but crucial to smooth business operations.
Failing to file an annual report can result in serious penalties, as can filing an inaccurate report.
Review all your business information and file your report on time to ensure your LLC remains in good standing.