Do I Need to File an Annual Report in Maryland?

If you own a Maryland-registered business, you might be wondering whether you have to submit an annual report. You do, is the answer. In order to keep their position as a legal entity recognized by the state of Maryland as being in good standing, all business entities are required to file an annual report. The Maryland Annual Report is what?

Every year, business owners are required to submit the Maryland Annual Report to the State Department of Assessments and Taxation (SDAT). The report includes details on the company’s present situation, such as the names and addresses of its officers and directors as well as its registered agent and principal office address. Businesses certify that the information on file with the state is accurate and up to date by filing the annual report.

The Maryland Annual Report may be submitted electronically, yes. Maryland Business Express is an online filing service provided by the SDAT. Online submission of the report and payment of the filing fee is quick and easy. Business owners can also file various documents pertaining to their company through the internet system and update their contact information and registered agent. Do I Need to Renew My LLC in Maryland Every Year?

No, in Maryland you are not required to renew your LLC annually. However, to keep your LLC in good standing with the state, you must submit an annual report and pay the filing cost. If the report is not submitted on time, the state may revoke your company’s license and possibly dissolve the LLC.

In Maryland, there is a yearly charge for an LLC. Depending on the filing deadline and the kind of corporate entity, a different cost applies. For companies and LLCs, the current filing price for the Maryland Annual Report is $300. You will be charged a $100 late penalty fee if you submit the report after the due date.

In conclusion, in order to keep your legal standing as a business owner in Maryland, you must submit an annual report. Using Maryland Business Express, you can submit the report and pay the filing fee online. To prevent late filing costs and the potential revocation of your business’s status, keep in mind to submit the report on time.