In order for your LLC formed in the United States to remain compliant, active and in good standing, you must submit an Annual Report to your state every year. Fees and deadlines vary by state. In this article we will detail how to file an annual report for an LLC in the state of Kentucky.
What is an Annual Report?
Once your LLC is formed in a state of your choice in Usa, the paperwork with the state is not completely finished. There is an important requirement for your LLC that continues each year. This requirement is known as the Annual Report and requires you to pay a filing fee each year. It is essential that you do this reporting whether you use your company or not.
This Activity Report (also known as franchise tax or annual report), required to keep the LLC company in good standing, may have different names depending on the state;
- Annual Report
- Annual Statement
- Statement of Information
- Periodic Report
- Biennial Statement
- Decennial Report
Depending on the state, some may need to file this every year, some every 2 years. Some are only filed every 10 years. This depends on your situation and your states' requirements.
Most states call this report the Annual Report, so its common name is annual report. It may also sometimes be called franchise tax.
Purpose of Annual Report
In general, reporting is done every year to keep the company in good shape. If you fail to file this report, the state will automatically terminate your LLC. Each state's termination period is different. For example, in the state of Kentucky, if reporting is not made within the required time period, the company is automatically terminated within 60 days.
You can report it later to bring it back to good condition, but a late penalty may apply.
How to Do Annual Reporting
There are generally two ways to file an annual report for an LLC with the state;
- Reporting by mail (difficult and time-consuming)
- Report online on the state website
The easiest way is of course online reporting. You can submit the annual report by going to the state portal and paying by credit card or bank transfer.
Some states may send you reminders to pay your annual report, but it's a good idea to create a calendar reminder for this just in case.
Where and How to Report Annually in the State of Kentucky?
The reporting must be completed in June, the year following the formment of the company. The annual report is $15 for this state.
You use the state's website for this. You can start by going to https://web.sos.ky.gov/ftsearch/?path=ftarp
You will see the company name at the top, then you can proceed to the next step by clicking the "Continue to File Annual Report" button.
Fill in the Title member, name, surname, address section without using Turkish characters. The address must be your residence address. If it is an LLC with multiple members, you need to add members with the add button. Click “continue to signature” to continue
Then follow the page redirects. Member signature is made digitally in the form of name and surname, and then there is the payment step.
After the reporting is completed, search for your company at http://web.sos.ky.gov/ftsearch/.
Find your company, click on it, and when you scroll down the page, you will see that the annual report has been sent in the “ Images available online” section.
If you want, you can download the report by clicking on the PDF link. The report is a document like this.
Once your Annual Report has been processed you will be sent an email with a receipt from the state and that's it.
The methods are different for other states, but for the state of Kentucky, the process is quite simple.
10 Comments . New Comment
I couldn't make the payment, I tried with card, visa and mastercard, but it said that foreign permissions are open, the zip code will be the same, but the address is the same as the one in the bank, I couldn't figure it out.
Hello, this problem has been going on for a few weeks. We had many followers who paid the annual report by using the following method
Access the state's business service support page at the following link:
https://www.sos.ky.gov/Pages/contact.aspx
In the contact form, write an e-mail in English explaining that you want to make an annual report payment for your LLC, but you cannot pay with any credit card on the payment page. State that you tried many credit cards, but the cards are not accepted on the Sos KY website, even though they work on different platforms.
A customer representative will probably be assigned to you during the week and will support you via e-mail.
If you accept, the customer representative will offer to make payment for you by reading your credit card information over the phone. If you can speak English, they can also make the payment manually over the phone by creating a virtual card and reading the information.
If you do not know English, explain that you do not know the language and send him a virtual card via e-mail and ask him to make the payment this way.
Don't worry, they will try to support you for both options.
I tried using Transferwise as an ach payment and it hasn't withdrawn the money yet, but it has confirmed the payment and I think it will be done within the week.
That's an option, of course.
Hello, I founded my company in Kentucky this month. In your article, you said that you need to make annual reporting for June, one year after it was formed. Do I need to do it on 06.2022? When I go to the site and look, there is a section that says "This year's payment will be $15, if you have paid before, please enter the information of the founding company."
Hello,
Annual reporting is done the following year. So, if you filed it in May 2021, you will file it at the end of April 2022.
Hello, but when I query the LLC company formed this month on the Kentucky state website, I click on Annual report on the screen that appears, and in the PDF containing my company information; Last Warning: It says that if you file a $15 Annual Report by October 1, you will be fined $100. As far as I understand, there is no 1 year period.
Hello,
Your Kentucky LLC Annual Report is due January 1 through June 30 each year.
The first Annual Report must be filed in the year following the year your Kentucky LLC is approved.
Example 1: If your LLC was formed on February 10, 2023, your first Annual Report will be due between January 1 and June 30, 2024.
Example 2: If your LLC was formed on December 10, 2023, your first Annual Report will be due between January 1 and June 30, 2024.
Thank you for your helpfulness. Then, I guess I will ignore the place I marked in red in the screenshot I posted of my company, which was established in August.
https://i.hizliresim.com/36pjyg1.jpg
You're welcome.
Where you click, there is a template for you to send the annual report by mail and a standard information message at the bottom. Do not use this form when reporting anyway. This is an application form by mail. Instead, use online reporting. You can fill in the required fields and make the payment with your credit card.
To summarize, you do not need to make a report at this stage, you can do it until June next year, you can do it online by clicking on the file annual report button at the top.