Once your South Dakota LLC is created, you must adhere to your state’s filing dates in order to remain in good standing and avoid costly fines or penalties.
This page provides answers to the following South Dakota LLC questions:
What exactly is an annual report?
How do I submit my yearly report?
Should I use a registered agent?
What Exactly Is an Annual Report?
An annual report is a routine file that your LLC must make every year in South Dakota to update your company information, which includes:
Address of the company
Address of the registered agent
A new file is required for changes to the registered agent.
LLC officials’ names and residences (i.e., members, managers, directors, or officers)
This report’s aim is to maintain your company records current with the State of South Dakota. This enables creditors and other interested parties to locate your company address in the event that they need to contact you. This information is used by the government to trace the payment of your LLC state taxes.
How Do I Submit My Annual Report?
Your South Dakota LLC annual report may be filed with the Secretary of State. To file, you must need your state business ID, which you may get by doing a company information search.
Should I Hire a Registered Agent?
A registered agent is a person or corporation designated by your firm to receive and deliver documents on your behalf. You may guarantee that your LLC’s reports are always submitted on time to the relevant government agency by employing a registered agent service. The following are the three primary benefits of employing a registered agent service for your LLC:
Avoid late filing penalties: If a South Dakota LLC fails to submit an annual report, the Secretary of State has the authority to dissolve it. A registered agent service will remind you when reports are due and, for an extra cost, will submit the file for you.
Gain flexibility: A registered agent service may receive and submit paperwork for your LLC during normal business hours, allowing you to avoid working from 9 a.m. to 5 p.m. every week. You may also employ a registered agent service to create an LLC in states where you do not already have a company presence.
Keep your personal address out of public records: Using a registered agent service helps you to keep your personal address out of public records, preserving your privacy. Furthermore, if your LLC is sued, the lawsuit will be served at the registered agent’s address rather than your place of business.