You might be asking if you need to renew your limited liability corporation (LLC) on an annual basis if you own a business in Michigan. In Michigan, the answer is that you do indeed need to renew your LLC annually. This post will explain why as well as address some more frequently asked topics regarding Michigan LLC renewal.
All LLCs in Michigan are obliged to submit an annual report to the state. Every year, on or about February 15th, the annual report is due. Any changes to your company, such as those to your registered agent or business address, must be reported in this report in order to keep the state’s data current. Additionally, there will be a cost when you submit your yearly report.
In Michigan, renewing your LLC now costs $25. Through the website of the Michigan Department of Licensing and Regulatory Affairs (LARA), you can submit your LLC renewal electronically. You will incur a late fee of $10 per month, up to a maximum of $50, if you don’t renew your LLC on time.
In Michigan, you must submit an amendment to the state in order to alter your LLC. If you wish to, for instance, modify the name of your LLC, add or remove members, or alter your business address, you might need to file an amendment. A filing fee for an amendment is $25. The LARA website offers online filing.
You won’t owe any state income tax to Michigan if your LLC generates no revenue during the tax year. You will nevertheless need to submit a yearly report and pay the $25 renewal charge. Even if you have no income, you must pay payroll taxes and unemployment insurance taxes if your LLC has employees.
Until you disband it, your Michigan LLC will continue to exist. By submitting articles of dissolution to the state, you can dissolve your LLC. If, for instance, you’re ending your firm or changing your LLC into a different sort of entity, you might need to accomplish this. Articles of dissolution are $10 to file.
Visit the website of the Michigan Department of Licensing and Regulatory Affairs (LARA) and enter the name or file number of your Michigan LLC to check its status. Alternately, you can ask LARA directly about the status of your LLC. To make sure that your LLC is still in good standing and to stay current on any required renewals or filings, it’s crucial to often check its status.
In Michigan, if an LLC is not in good standing, it usually implies that it has not complied with certain regulations, such as completing yearly reports or paying fees. Because of this, the state has suspended or revoked the LLC’s legal status, which may have an impact on how the company is able to conduct business and expose it to legal risks. The LLC must fix the non-compliance problems and submit the required papers to the state in order to recover good standing.