Starting an LLC in Wisconsin is not for the faint of heart. Maintaining one isn’t, either. There’s a bunch of annual requirements: annual taxes, business licenses to renew, and of course, annual reports. A lot of the annual requirements can be pretty complicated, too.
Annual reports can be pretty complicated…but only if you don’t know what to expect. That’s what we’re here for. In this guide, we’ll cover all the essentials to annual reports in Wisconsin: LLC filing fees, where to file, due dates, and if you want, where to go to get help filing. By the end, the annual report won’t feel so daunting anymore.
Quick Tip
What is an annual report?
An annual report is a lot like an annual newsletter for your LLC—except you only send it to one place: the state government. Each year, the state needs updated information about your business. And this isn’t a requirement that’s unique to Wisconsin. In fact, nearly every state requires some form of annual (or similar timeline) update.
That said, the newsletter analogy falls short because you don’t need to tell the state what you did each month. You don’t even have to tell them the highs and lows of your year. And thankfully, you don’t have to write it out as a letter. All you’ll have to do is fill out the requested information.
Here’s a quick glance at the information Wisconsin will require from you:
- Legal name of your LLC
- State where you formed the LLC (usually Wisconsin, unless you are a foreign LLC)
- Name and address of your registered agent
- Address for your principal office
- Name and address of each member or manager, and their titles
- Nature of your business
Sound overwhelming? Don’t panic. It’s actually a lot easier than you might think! In the rest of this guide, we’ll cover all the essentials to annual reporting—including a DIY approach and how to get help if you’d rather not file on your own.
Where do I start?
When the time comes to file your annual report, your gut might tell you to head to the Secretary of State’s website. But that’s not quite the right spot. Instead, you’ll need to head to Wisconsin’s Department of Financial Institutions. More specifically, you’ll use the Annual Report ID Lookup to start the process. There, you’ll be able to file your entire report online.
If you’d rather file by mail, you can do so by downloading the Nonstock Corporation & Limited Liability Company Annual Report form, printing it out, and filling out the required information. Then you can mail it in to the Milwaukee location. Alternatively, if you live near Madison (or are traveling there soon), you can drop the form off in person.
The annual report isn’t extremely difficult to fill out, honestly. But if you’re extremely busy (and who isn’t these days?), the report can seem overwhelming—it’s yet another thing you have to do. That said, you can hire a Wisconsin LLC Service to handle the work for you. Not only will these services actually form your business for you (if you need it), but they’ll also help you handle annual requirements like the annual report.
How much does Wisconsin’s Annual Report cost?
Some states have a pretty hefty price tag of several hundred dollars for their annual report. Other states charge more reasonable fees of less than $100. Wisconsin falls under the “reasonable fee” category; they charge just $25. The only exception to that is foreign LLCs: those will spend $80 each year. Even though that’s a pretty manageable amount, you don’t want to overlook it since it’s an annual expense.
How you file your annual report will also affect how you’ll pay. Online filers should have a credit or debit card on hand. But if you file by mail, you’ll need to submit the payment fee using a check or money order. Please note that the state no longer accepts cash payments.
When is the Annual Report due?
In most states, the annual report is due, well, annually. In other states, entrepreneurs often refer to it as an annual report even though it’s due every other year. But in Wisconsin, the annual report fits its name; you’ll file every year.
More specifically, your annual report is due by the end of the business quarter in which you filed your Articles of Organization. That makes four possible due dates: March 31st, June 30th, September 30th, and December 31st. So if you filed your Articles this year on May 9th, for example, then you’d need to file your annual report next year by June 30th.
What happens if you don’t file your annual report?
Sometimes annual check-ins are a pain, right? And we get it: with some things, like annual physicals, dental cleanings, and eye appointments are tempting to skip. Usually, there isn’t a big penalty if you skip them for a year or two (aside from a minor scolding from your doctor).
However, that isn’t the case with annual reports. You should never skip filing your annual report, and you should always do it on time. For one thing, filing on time ensures that you don’t spend any more than you have to.
More importantly, though, failing to file your annual report can cost you your good standing in the state. And if you let your report go unfiled for more than a year past your report’s due date, the state can administratively dissolve your LLC.
Long story short, they’ll shut down your business by force. If that happens, don’t panic; you can get your business reinstated. But it’s a big hassle to do so. It’s far easier to simply file your report on time each year and avoid that hassle entirely.
Conclusion
Quick Tip
Maintaining a Wisconsin LLC is no laughing matter, and the annual report is without a doubt one of the most important annual filings. Thankfully, it doesn’t have to be too complicated. Hopefully this guide has helped take out some of the guesswork. And don’t forget: an LLC Service can make things even easier.