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For founders starting a business in the US, it’s important to be well-versed in the annual filing requirements for LLCs in either Delaware or Wyoming. These two states are popular choices for business owners looking to form an LLC due to their favorable tax laws, flexible business structures, and strong legal protections. However, it’s important to understand the differences in filing annual reports for these states to ensure compliance and avoid any legal penalties or worse. 

Delaware LLC Annual Filing Requirements: Delaware is known for being a business-friendly state, and as such, many companies choose to incorporate it there. Here are the annual filing requirements for LLCs in Delaware:

Annual Franchise Tax

All LLCs registered in Delaware are required to pay an annual franchise tax, regardless of whether or not they conducted business in the state during the year. The tax is calculated based on the company's authorized shares, which is typically a nominal amount for LLCs.

The minimum franchise tax for LLCs in Delaware is $300, but it can go up to $200,000 for larger companies with significant authorized shares. The tax is due by June 1st of each year.

Delaware LLC Annual Report

In addition to the franchise tax, LLCs in Delaware must file an annual report with the Delaware Division of Corporations. The annual report must include the following information:

• The company's name and address
• The name and address of each manager or member of the LLC
• The registered agent's name and address
• The company's business purpose

The annual report is due by March 1st of each year, and the filing fee is $50.

Wyoming LLC Annual Filing Requirements: Wyoming is another popular state for LLC formation, with some unique annual filing requirements. Here are the annual filing requirements for LLCs in Wyoming:‍

Wyoming LLC Annual Report

All LLCs registered in Wyoming must file an annual report with the Wyoming Secretary of State. The report must include the following information:

• The company's name and address
• The name and address of each manager or member of the LLC
• The registered agent's name and address
• The company's principal office address

The annual report is due by the first day of the LLC's anniversary month, and the filing fee is $50. For example, if the LLC was formed on May 15th, the annual report would be due on May 1st of each year.

Business License

Wyoming LLCs must also obtain a business license from the Wyoming Department of Revenue. The license fee is $50 per year, due by the LLC's anniversary date.

State Tax Forms

Depending on the LLC's business activities, it may be required to file state tax forms with the Wyoming Department of Revenue. This includes sales tax, use tax, and other taxes that may apply to the LLC's business operations.

Tips for Staying on Top of Annual Filings

Annual filings can be easy to overlook or forget, especially if you are focused on other areas of managing your business. Here are some tips to help you stay on top of your annual filing requirements:

1. Set Reminders: Set reminders for yourself well in advance of the due dates for annual filings. This can be done through a calendar app, email reminder service, or any other tool that works best for you.

2. Keep Accurate Records: Record all business activities and transactions throughout the year. This will make it easier to prepare and file annual reports and tax forms when the time comes.

3. Work with a professional: Consider working with an accountant or Openbiz to ensure you stay on top of your annual filing requirements without headaches and stress. Openbiz can help ensure compliance and provide guidance on any issues.