Filing an annual report

According to the Tennessee Law, every company is liable to file a report with the Secretary of State for each fiscal year. The usual process for filing it is done via mail, but in recent times, it is possible to have it filed online as well- just that the online filling up of details requires an additional fee of $8.25 and the payment has to be made via a card. There is no fixed person who has to do the job. Any official who is related to the company is authorized to do it.

At one point, it was rather hard to know what actually to do while filing the report, but recently, due to the proper format of the same being available from the website of the Secretary of the State, it has become much easier. It is to be noted that the information that is actually sent in does not contain transaction related details, rather the general information including the address of a LLC, the name of the registered agent, the list of officers in the company and the complete list of its members.

While filing an annual report, any LLC is required to pay a fee which varies from a minimum of $300, with an additional of $50 with each employee up to a maximum of $3000. Of course, it varies depending on whether the company in question is a domestic or a foreign one.

An important point to note while filing a report is that it has to be filed within 4 months of the end of a fiscal year. Since a usual fiscal year ends on 31st December, the tentative last date for filing a report is on or before the 1st of April next year. There are no penalties as such involved with the late payment of fees. However, if the necessary payment is not made within 60 days from the end of the tentative date, the LLC is administratively cancelled.