You must submit an annual report to the state of New Jersey if you are the owner of a limited liability corporation (LLC). Your company’s contact details, ownership structure, and financial performance for the previous year are all verified in the annual report. The legal requirement to submit an annual report enables the state to keep accurate records of all businesses situated within its borders. However, how much does it cost to file an annual report in New Jersey, and what additional expenses as an LLC owner should you be aware of?
In New Jersey, submitting an annual report costs $50. Every year, by the end of the month commemorating the founding of your LLC, you must pay this charge. For instance, your first annual report must be submitted by April 30, 2021, if your LLC was established on April 15, 2020. Late costs and ultimately LLC dissolution may occur from failing to submit your annual report on time.
Some states charge LLCs a tax in addition to the yearly report cost. However, there isn’t an LLC tax in place in New Jersey right now. This indicates that, in addition to your ordinary income tax requirements, you are not obligated to pay any additional taxes to the state as an LLC owner.
You can verify the filing status of your annual report or learn more about the status of your LLC by going to the website for the New Jersey Division of Revenue and Enterprise Services. There, you may look up your LLC using either its name or entity ID number and see what filing status it currently has.
An LLC can be owned and run by a lone individual. For small business owners who want the liability protection of a limited liability company without the hassle of managing several owners, this is known as a single-member LLC and is a common choice.
Finally, although it is not advised, you can act as your own registered agent in New Jersey. A registered agent is a person or organization chosen to receive legal and tax paperwork on your LLC’s behalf. You can operate as your own registered agent if you own an LLC, but it is frequently more convenient to select a reputable registered agent service. This guarantees that your personal information is kept private and that you won’t miss any crucial legal or tax alerts.
In conclusion, submitting an annual report in New Jersey costs $50 and must be done by the end of the month that marks your LLC’s anniversary. In New Jersey, single-member LLCs are permitted and there is no LLC tax. Although you can monitor the status of your LLC and act as your own registered agent, it is advised to utilize a professional service to prevent losing crucial paperwork.