All companies doing business in Connecticut must pay the Connecticut Business Entity Tax. The tax is calculated annually and is dependent on the entity type and revenue generated by the company the prior year. The tax is due no later than the fifteenth day of the fourth month after the end of the tax year.
Yes, submitting an annual report is required of every company with a Connecticut business license. Information on the company, its officers and directors, and its financial statements must be included in the report, which must be submitted to the Connecticut Secretary of State’s office. By the final day of the month in which the company was formed or granted permission to operate in Connecticut, the annual report must be submitted. Do All Organizations Need to Write Annual Reports?
No, not every business must submit an annual report. Only companies with a Connecticut business license are required to submit an annual report. For instance, unless a nonprofit organization is registered as a company in Connecticut, yearly reports are not needed to be sent. What Financial Statements Is Required for an LLC?
It is necessary for Limited Liability Companies (LLCs) to submit both a federal and a state tax return. Depending on the size and type of the business, different financial statements are needed for an LLC. A cash flow statement, balance sheet, and income statement must generally be provided by an LLC. Smaller LLCs, however, might be able to offer more straightforward financial reporting.
Even LLCs with no revenue must nevertheless submit a tax return. Even if they had no income in the prior year, the LLC is still required to file a federal tax return and a state tax return. The LLC must submit a return with no income and no tax debt. Even if the LLC generated no income, failing to file a tax return might result in penalties and interest costs.