In Maryland, you are required to submit an annual report to the government. If you don’t, you risk fines and perhaps having your company license revoked. The information you need to file your yearly report in Maryland is provided below.
First off, it’s crucial to remember that limited liability corporations (LLCs) in Maryland are required to submit an annual report on a yearly basis. You can submit this report electronically using the Maryland Business Express portal by the deadline of April 15th. Along with other details like the names and addresses of each member and management, you will also require the tax identification number for your LLC.
A $300 penalty fee will be assessed if your annual report is not submitted on time, and your LLC might be administratively disbanded. Up to 60 days after the due date, you can still submit your report, but a $100 late fee will be added.
In contrast, sole owners in Maryland are exempt from submitting an annual report. However, if they hold tangible personal property (such as inventory or equipment) valued at $10,000 or more, they might be required to file a personal property return. This return can be filed electronically through the Maryland Business Express website and is likewise due by April 15th.
The name and address of the LLC, the names and addresses of all members and managers, and the name and address of the registered agent are all included in the Maryland annual report for LLCs. Any alterations to your company, such as a change in ownership or address, must also be disclosed.
In conclusion, if you operate an LLC in Maryland, you are required to submit an annual report by April 15th each year. If you don’t, you risk fines and perhaps having your company license revoked. If a sole proprietor has tangible personal property worth $10,000 or more, they may need to file a personal property return instead of filing an annual report. Keep in mind that staying on top of your company’s yearly report requirements is crucial for maintaining compliance and avoiding expensive fines.