Knowing your company’s tax obligations is crucial if you run a business in Louisiana. This article will cover how to close an LLC and file a DBA, as well as Louisiana’s company tax rates. How Much is Louisiana’s Business Tax?
Depending on the kind of business you operate, Louisiana has several business tax rates. The tax rate for corporations is 8% on net income. The tax rate for S corporations, partnerships, and limited liability companies (LLCs), which are considered small enterprises, is 4% for the first $50,000 of net income and 6% for amounts over that. For businesses and LLCs, there is also a franchise tax of $1.50 per $1,000 of net worth.
Articles of Dissolution must be filed with the Secretary of State in order to dissolve an LLC in Louisiana. The name of the LLC, the date of dissolution, and a declaration that all debts and obligations of the LLC have been paid in full or that sufficient provision has been made for payment must all be included in the Articles of Dissolution. A Certificate of Good Standing with the Louisiana Workforce Commission and Department of Revenue is also required. It’s vital to remember that before dissolving your LLC, you must file your final tax return and settle any unpaid taxes.
Yes, the Secretary of State must receive an Annual Report from LLCs and corporations in Louisiana. The Annual Report, which includes details like the company’s name, address, and the names and addresses of its officers and directors, must be submitted by the anniversary date of your company’s establishment. Depending on the number of authorized shares of stock in the company, companies pay filing fees ranging from $30 to $150 for the Annual Report.
You need to register your business name as a trade name with the Secretary of State in order to file a DBA (Doing Business As) in Louisiana. A trade name registration requires a $25 filing fee. You can use your DBA to carry on business using a name different than your legal business name once your Trade Name Registration is granted. It’s crucial to understand that registering a DBA does not establish a distinct legal entity and does not shield your company name from unauthorized use.
In conclusion, it is critical to comprehend the tax laws and filing requirements that apply to your Louisiana business in order to guarantee that it complies with all applicable laws. If you have any queries or concerns, make sure to seek legal or tax advice.