Several states, including Michigan, demand that Limited Liability Companies (LLCs) provide an annual statement. This procedure is required by the Michigan Department of Licensing and Regulatory Affairs (LARA) to guarantee that the state’s records are correct and current. Thankfully, submitting your Michigan annual statement online is a quick and easy procedure. In this article, we’ll explain how to file your annual statement step-by-step, respond to frequently asked questions like “Can you reopen an LLC that has been dissolved in Michigan?” and “What does it mean when an LLC is not in good standing in Michigan?” We’ll also cover how to pay yourself from your LLC.
How to Online File Your Michigan Annual Statement Visit the Michigan LARA website in step one. Visit the Michigan LARA website in order to file your annual statement in the first place. Visit https://www.michigan.gov/lara/ to access it. Go to the “Business Services” section of the webpage and select “File Annual Statements and Change of Registered Agent.”
The second step is to access your account. Use your email address and password to log in if you already have an account. Create an account if you don’t already have one by clicking “Create an Account.”
Once logged in, use the business name or identifier number to look for your company. Choose your company from the list.
Step 4: Submit your yearly statement Go to the next page and click “File Annual Statement.” Fill out the needed information according to the directions. After checking your input, submit the form. A confirmation email will be sent to you once the filing is finished.
A dissolved LLC may really be reopened in Michigan. You must follow a set of instructions in order to do this, though. In the beginning, you must submit a $50 reinstatement application fee. You must also submit any omitted annual statements and pay any costs owed. After receiving the application and fees, LARA will examine them to see if the LLC qualifies for reinstatement.
When an LLC disregards state laws, it is not in good standing in Michigan. This may occur if an LLC neglects to pay taxes, file its annual statement, or keep a registered agent current. An LLC that is not in good standing is prohibited from operating in Michigan until the problem is resolved. The LLC can also be subject to fines and penalties.
The disadvantage of an LLC is that it provides less liability protection than a corporation. Although an LLC provides some asset protection, members may still be held personally accountable for certain behaviors, such as fraud or poor management. Additionally, because it is unable to issue stock, an LLC can have trouble raising money. How Do I Make Myself Pay From My LLC? You have a variety of alternatives for paying yourself as an LLC owner. As an LLC member, you have three payment options: a wage as an employee, a profit distribution, or self-employment. To choose the approach that will work best for you, you must speak with a tax expert.
Online annual statement filing for Michigan is an easy and quick procedure. To avoid fines and penalties, it is necessary to abide by state laws. In order to choose the optimal payment option, LLCs should also be aware of the drawbacks of the structure and think about talking with a tax expert. There are specific procedures that must be followed to fix the problem if an LLC is dissolved or is not in good standing. LLCs in Michigan can function efficiently and profitably by remaining informed and compliant.
Yes, a single-member LLC—also known as an LLC—can be owned by just one person. For small enterprises or solopreneurs who want the liability protection of an LLC but do not have numerous owners, this is a typical arrangement. For tax and filing reasons, single-member LLCs in Michigan are treated the same as multi-member LLCs.
After submitting your articles of organization to the Michigan Department of Licensing and Regulatory Affairs (LARA), it usually takes 7 to 10 business days to obtain an LLC in Michigan. However, depending on how many filings LARA receives, processing times could change.