In Delaware, Limited Liability Companies (LLCs) are required to file an annual report, but they are not required to file a separate annual report as corporations do. Instead, LLCs must file a franchise tax report. Here are the key points regarding the filing requirements for an LLC in Delaware:
1. Filing Requirement
- Franchise Tax: While there is no annual report form for LLCs, they must pay an annual franchise tax.
2. Due Date
- The annual franchise tax payment is due by June 1st of each year. This applies to the tax for the prior calendar year.
3. Filing Fee
- For Delaware LLCs, the franchise tax fee is a flat rate of $300. This is the minimum fee for LLCs, regardless of income or other business factors.
4. Necessary Documentation
- There are no specific forms or documentation that need to be filed with the state for the annual tax, but LLCs should ensure that:
- Their business information is up to date in the Delaware Division of Corporations database.
- The franchise tax is paid on time to avoid penalties or interest.
5. Payment Method
- Fees can be paid online through the Delaware Division of Corporations website or via mail. Payment online often ensures a quicker processing time.
6. Penalties
- If the franchise tax is not paid by June 1st, the LLC may incur penalties and interest.
7. Recommended Actions
- It is recommended to keep a reminder for the due date and maintain accurate records of payments. Consider consulting a tax professional or legal advisor to ensure compliance.
For any updates or additional details, it's always a good practice to verify with the Delaware Division of Corporations or their official website before proceeding with filings.