In Massachusetts, the LLC annual report is also known as the “Statement of Information.” As the business owner, you must file this document annually with the Secretary of the Commonwealth of Massachusetts. The report provides the state with updated information about your LLC, including:
This document, which carries a filing fee of $500, is due on the anniversary of your LLC’s formation each year. It’s crucial to note this date in your business calendar and set reminders as the deadline approaches. If you fail to file the report on time, you could risk your company’s compliance status with the state and incur a late fee of $25.
At various points in your business journey, you may encounter changes in operations. These changes could mean a shift in your company’s ownership, a new business address or changes in activities. It can also involve the addition or removal of members or managers. It’s important to record these changes in your annual report. Doing so helps keep the state informed and ensures accurate and current records of your business. Failing to disclose these changes not only jeopardizes your compliance status but could also lead to penalties or dissolution of your LLC. This highlights the importance of staying current with your filings.
If any part of the annual report process seems unclear, it may be beneficial to consult with an attorney. They can can guide you through the reporting requirements and help you avoid any potential complications or penalties.
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