How to File an LLC Annual Report in West Virginia? (Guide)
If you're a business owner, it’s crucial to stay on top of your legal obligations. One such responsibility for LLCs in West Virginia is the LLC annual report filing.
As a corporate attorney who has guided over 40 West Virginia LLCs through compliance filings in the past 7 years, I've seen firsthand how missing this deadline can jeopardize your business standing. This guide walks you through the filing process step by step and provides actionable tips to ensure successful submission.
We will also discuss the importance of annual reports and provide helpful tips to ensure a successful submission.
Quick Summary
- Filing an annual report for an LLC in West Virginia is mandatory to maintain good standing.
- The annual report must be filed between January 1 and June 30 each year, with a $25 fee.
- Failing to file an annual report in West Virginia results in a $50 late fee for LLCs and corporations (making the total due $75: the $25 filing fee plus $50 penalty) [1].
- Nonprofit corporations face a $25 late fee penalty (making the total due $50: the $25 filing fee plus $25 penalty).
- Veterans starting an LLC in West Virginia can receive a waiver for the first four consecutive annual report fees, a benefit I find highly supportive.
What Is West Virginia LLC Annual Report?
The West Virginia LLC annual report is a vital filing for all LLCs in the state and serves to provide updated business information, ensure compliance with state regulations and maintain good standing with the West Virginia Secretary of State [2].
All types of businesses, including limited liability companies, corporations, and nonprofit corporations, must file an annual report with the West Virginia Secretary of State.
With around 20% of new businesses in West Virginia failing within one year and approximately 49% failing within five years, filing annual reports is crucial to maintaining compliance and good standing. This compliance ensures businesses stay in good standing, avoiding the severe consequences of losing authorization to operate [3].
To avoid these complications, it’s crucial to understand the process and requirements for filing your West Virginia LLC annual report.
"Keeping your annual report current is crucial to prevent administrative dissolution, which might lead to the loss of your ability to function as an LLC or corporation and the risk of incurring personal liability damages."
- Jon Morgan, Co-Editor & Co-Founder of Venture Smarter
How to File West Virginia Annual Report?
You can file your West Virginia annual report by providing the required information, adhering to the specified due dates, and paying the appropriate filing fee.
You can submit your report electronically via the West Virginia Secretary of State website or by postal mail, with both options available for guest annual report filing.
1. Online Filings
From our experience, submitting your West Virginia annual report online is a convenient and efficient option. The West Virginia One-Stop Business Portal allows for electronic filing, making the process quick and hassle-free [4].
To file your annual report online, follow the following steps:
- Visit the West Virginia One Stop Business Portal, the official site for online business filings and services.
- Log in to your existing account or create a new one by providing the necessary details and email verification.
- Navigate to the LLC Annual Report section within the business services or filings tab on the portal.
- Locate your LLC using its name or identification number in the portal's search function for filing.
- Initiate the annual report filing process for your LLC by selecting the appropriate option on the portal.
- Accurately fill in or update your LLC's business and contact details as required in the form.
- Double-check all entered information for accuracy to avoid errors in your annual report filing.
- Pay the $25 filing fee online using a credit or debit card as part of the process.
- Carefully submit your completed annual report after payment and review, ensuring all details are correct.
Online filing was the most convenient method for us as it enabled us to track the submission status, receive confirmation of successful filing, and avoid potential delays associated with postal mail.
2. Mail Filings
For those who prefer paper forms, you can file your West Virginia annual report by mail.
Follow these steps:
- Download or request the LLC annual report form from the West Virginia Secretary of State's website.
- Prepare LLC details like name, address, ID, and member/manager information for accurate report completion.
- Fill out the form carefully, ensuring all provided business and contact information is current and correct.
- Confirm the current filing fee ($25) and prepare a check or money order payable to the state.
- Send the completed form and payment in an envelope addressed to the West Virginia Secretary of State.
We recommend retaining copies of the filled-out form and payment proof, and you should also consider using certified mail for tracking.
What To Include in the Annual Report?
The annual report must include specific details to ensure compliance with state regulations and keep the public record updated.
It requires:
- Business name
- Business address
- Member ownership and contact information
- Business registration certificate
Providing accurate and up-to-date information is essential for maintaining compliance with state regulations and ensuring that your business’s public record remains current.
Reviewing the information from the previous year’s report can help ensure accuracy and timeliness.
Common Filing Errors That Delay Processing
One frequent mistake is listing an outdated registered agent address. If your agent has moved or you've switched services, failing to update this information means you'll miss critical state correspondence and deadline reminders.
Another error involves member versus manager information. Manager-managed LLCs should only list managers, while member-managed LLCs list members with signing authority. Mixing these classifications causes processing delays.
Many owners forget to update their principal office address after relocating. Your report should reflect where your LLC actually operates, as discrepancies between reported addresses and tax filings trigger compliance issues.
How Early Can I File My Annual Report?
You can file your LLC Annual Report as early as January 1st of each year.
This early filing option gives LLCs ample time to prepare and submit their reports well before the June 30th deadline, ensuring compliance and avoiding any last-minute rush or potential penalties associated with late filing.
It's a proactive approach to maintaining good standing with the West Virginia Secretary of State.
What Is the Filing Fee for the Report?
West Virginia's annual report filing fee is $25. Filing should be done within the stipulated time frame.
However, the West Virginia Secretary of State offers a waiver for the first four consecutive annual report fees for veterans starting an LLC, supporting veteran-owned registered entities [5].
Paying annual report Filing fees on time and submitting the report before the deadline helps avoid any additional late fees and maintains compliance.
What Is the Due Date for Submitting the Report?
The due date to file a West Virginia annual report is June 30th. To avoid the annual report fee and potential penalties, it’s essential to submit your report on time.
In our experience, we always keep track of our due dates and set reminders to ensure timely submission and maintain good standing with the state.
What Are the Penalties for Not Filling Out the LLC Annual Report?
Failing to file the West Virginia LLC Annual Report results in a $50 late fee for corporations, LLCs, or LPs (making the total amount due $75 when combined with the standard $25 filing fee).
Nonprofits face a $25 late fee penalty (making the total amount due $50 when combined with the standard $25 filing fee).
Your LLC also risks losing its good standing with the state, which is essential for legal and financial activities.
Additionally, continuous non-compliance may result in administrative dissolution, meaning the state could involuntarily dissolve your LLC.
This dissolution complicates legal matters and financial transactions, and reinstating the LLC typically involves additional fees and a complex reinstatement process.
FAQs
Are New LLCs in West Virginia Required to File an Annual Report in Their First Year?
New LLCs in West Virginia are not required to file an Annual Report in their first year of formation; their first report is due in the following year.
Who Is Authorized to File the LLC Annual Report in West Virginia?
In West Virginia, any authorized representative of the LLC, such as a member, manager, or an appointed agent, is authorized to file the LLC Annual Report.
Can I Get an Extension for Filing My LLC Annual Report in West Virginia?
No, West Virginia does not offer extensions for filing LLC Annual Reports. The report must be filed by June 30th each year.
References:
- https://code.wvlegislature.gov/59-1-2A/
- https://sos.wv.gov/business/Documents/AR%20LLC%202022.pdf
- https://www.lendingtree.com/business/small/failure-rate/
- https://business4.wv.gov/Pages/default.aspx
- https://www.wvnews.com/news/wvnews/secretary-of-state-west-virginia-business-owners-should-take-heed-on-annual-reports-issue/article_5a65c46e-5f87-11ed-aba6-afa94c451f51.html
