All corporations in Michigan are required to submit an annual report to the State of Michigan. This report is crucial because it informs the state of crucial details about your company. This covers details like the name, address, directors, and officials of your corporation. You will also need to submit an annual report if your corporation is a foreign entity that conducts business in Michigan. What you need to know about filing an annual report for a corporation in Michigan is provided below. When to File:
The yearly filing date in Michigan for corporate annual reports is February 15th of each year. You risk incurring late fees and penalties if you don’t submit your paperwork by the deadline. It’s crucial to understand that this deadline is unaffected by your corporation’s fiscal year or date of incorporation. How to File:
Your corporation’s annual report may be submitted in Michigan online or by mail. You must go to the Michigan Department of Licensing and Regulatory Affairs (LARA) website and follow the instructions if you want to submit an application online. Print the annual report form, fill it out, and mail it to the address provided on the form if you choose to file by mail. Cost of Filing:
Michigan Business License Renewal
Business licenses in Michigan need to be renewed annually. Depending on the kind of business you operate, the price to renew your business license in Michigan may change. For instance, the price to renew a license for a restaurant will differ from the price to renew a license for a store. Visit the LARA website to learn the exact cost of renewing your business license. Return for Michigan business taxes You must file a Michigan business tax return if your LLC is taxed in the same way as a partnership or corporation. The 15th of March of each year is the due date for filing your Michigan company tax return.
How an LLC Files Business Taxes
You must submit a Form 1065 to the IRS if your LLC is viewed as a partnership for tax purposes. You will also need to submit a Michigan Form 4 to the state. You must submit a Form 1120 to the IRS if your LLC is treated as a corporation for tax purposes. You also need to submit a Michigan Form 4891 to the state. To make sure you are correctly filing your business taxes, it is advised that you consult with a tax expert.
An annual report is a written report that details the operations and financial performance of a corporation for the previous year. Financial statements, an overview of the company’s successes and difficulties, and other pertinent data that can be of interest to shareholders, stakeholders, and other interested parties are often included. Corporations in Michigan must submit an annual report to the state in order to keep their legal standing.