Annual Fee for every state in US (Part-2)
By Bazal Razzaq
Chief Editor
Updated: October 10, 2023
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- Annual Fee for every state in US (Part-1)
The 50 states in The United States of America represent 50 cultures, and when they come together, it forms a union that brings together so much to the front of the world. ‘The Land of the Free, Home of the Brave’ is also the Land of Opportunity for anyone who wants to start a decent living without having to worry about any federal, or felony charges. Some people want to be their boss but are unable to be one as they are unaware of the policies that govern the business regulations in their respective states of residence.
Limited Liability Company, LLCs, or just L.L.C. are businesses that can be formed easily in every state and don’t require additional documentation. You can read about the first seventeen states (in alphabetical order) here. If you plan on starting your own LLC in the states mentioned in the linked piece, then the details in the article would have come to your rescue. You can always start your own LLC business in every state of The United States of America, and the only thing that will change is the charges as they will vary depending on the respective state.
What Are The Benefits Of An LLC
LLC Asset Protection
Limited Liability Company, LLC comes with its own set of benefits. It includes LLC asset protection. This means that in the event of your LLC going out of business, your assets remain unaffected and you will not have to worry about your home, your car, or your personal bank account being impacted by anything happening in your LLC.
This is one benefit that you wouldn’t find in any other style of business in the World. Every business doesn’t have this benefit that you get with an LLC at any time. Your business and personal assets are completely separate and there’s no reason for you to be petrified about a possible sellout or any other problem in the same regard.
LLC owners, also called LLC members are immune in this situation, but the same can’t be said about a Sole Proprietorship or partnership. LLC members are immune even if they have a multi-member or single-member LLC.
Safety Against Lawsuit
In the event of a lawsuit, a sole proprietorship or partnership would be charged for everything around them, and every penny would be charged, but the same isn’t the case for an LLC. If an LLC gets sued or has any creditor claims, the assets of the LLC would be charged and nothing else would get charged. The owners of the LLC, also called LLC members are exempted from any financial burden in this situation.
It is due to this that an LLC is a better choice than other business choices in the United States of America. You wouldn’t want to be involved in a legal battle and invest time and money in getting things fixed for yourself. Your business needs to grow, and with these hassles, you will be focusing less on growth and more on your day-to-day legal battles with the other party.
LLC Pass-Through Taxation
The LLC doesn’t have to pay taxes. Yes, you read that right! LLC doesn’t have to pay taxes. An LLC doesn’t pay federal income taxes. On the contrary, the profits ‘pass through’ to the LLC members. These members report and pay the taxes on their tax returns.
It is one of the basic reasons why people want to start an LLC in The United States of America. This benefit alone helps you safeguard your assets and you know that there will not be any additional charge coming up to you except your tax return. It saves time and money.
While these are some of the benefits there are some charges that every LLC has to pay because everything is based on the revenue. Every state has different charges for an LLC and if you are planning to start your LLC in the states mentioned in this article then all you need to do is look into information that will help you avoid any charge in the States. So without further ado, let’s get down to business:
What Are The Charges For An LLC
Every LLC has to pay different charges depending on the state it is operating in the 50 states. These charges have to be paid to the respective state revenue office and a specific division of the business. You can always look into the details of the business and ensure that you have all the information you require for your respective payment.
It will help you so that you don’t fall under the category of problems with the state revenue department. If these things seem like a bit too much, don’t worry, we have simplified the information for you, and you can access this information to understand the details. Let’s start with the states now, so that you can finalize the cheque payment:
#1 Louisiana
The State of Louisiana requires a $100 charge for an LLC formation. There is an annual fee of $35 that has to be paid in the anniversary month to the LA Secretary of State along with the Annual Report.
#2 Maine
The Pine Tree State charges $175 for establishing an LLC business. There’s a requirement of $85 annual fee that needs to be paid by the 1st of June as part of your annual fees to the state. The details have to be shared with the ME Secretary of State, alongside the Annual Report.
#3 Maryland
The home to The Baltimore Ravens in Baltimore and the Washington Commanders in Prince George’s County, Maryland has an LLC formation charge of $100 along with an annual fee of $300. It needs to be paid to the state by the 15th of April. This payment has to be directed towards the MD State Dept. of Assessments under Personal Property Tax.
#4 Massachusetts
The state of Massachusetts has the same price for LLC formation and annual fee. It’s $500 for each, and while one has to be paid during LLC formation, the other has to be paid annually in the anniversary month. This payment has to be sent to the MA Secretary of the Commonwealth by attaching the Annual Report.
#5 Michigan
The charges in the State of Michigan are $50 to form an LLC and $25 to be paid as an annual fee to the MI Dept. of LARA by attaching your Annual Report. The date of annual filing is February 15th.
#6 Minnesota
The Land of 10,000 Lakes makes an LLC formation easier with a payment of $155. The annual fee is $0, but the LLC must file an information report by December 31st and should be addressed to the MN Secretary of State alongside an Annual Report.
#7 Mississippi
The state accepts applications to file an LLC with a charge of $50. The LLC is required to file an information report though, at the cost of $0 as an annual fee by April 15th with the MS Secretary of State. It is always suggested that the business adds the annual report alongside the filing.
#8 Missouri
The state of Missouri requires a $50 charge for LLC businesses to apply. There is no annual fee or reports required by the Missouri Department of Revenue in this regard.
#9 Montana
The ‘Big Sky Country’ has an LLC formation charge of $35 and an annual fee of $20. The annual payment has to be paid by April 15th to the MT Secretary of State by adding your Annual Report.
#10 Nebraska
An LLC in the state of Nebraska can be founded with a formation charge of $100. The annual fee of $13 needs to be paid every other year on the 1st of April. The LLC needs to submit information to the NE Secretary of State by submitting their biennial report.
#11 Nevada
The state of Nevada requires $425 to form an LLC. As an LLC in Nevada, you are required to pay a price of $350 as an annual fee in the anniversary month to the NV Secretary of State, along with your Annual List of Members and a copy of your Business License.
#12 New Hampshire
The Switzerland of America, New Hampshire requires a similar charge of $100 for forming an LLC, and also an annual fee. The annual fee is to be made by April 1st, to the NH Secretary of State by submitting an Annual Report.
#13 New Jersey
The charges of $125 and $75 are to be paid for forming an LLC and annual fee respectively. This payment has to be made during the anniversary month to the NJ Department of Treasury by adding your Annual Report.
#14 New Mexico
The state in the Southwestern United States requires an amount of $50 to form an LLC. You do not require an annual report or pay any annual fee in the State of New Mexico. The New Mexico Taxation and Revenue Department doesn’t require any information in this regard.
#15 New York
‘The Big Apple’ state requires an amount of $200 to form an LLC. It also requires a minimal amount of $9 that needs to be paid as an annual fee during the anniversary month. This detail needs to be shared with the NY Department of State along with the Biennial Statement.
#16 North Carolina
The ‘Tar Heel State’ requires an amount of $125 to form an LLC. Annual fee is $200
and need to be paid every year by April 15th by sharing your annual report with the NC Secretary of State.
#17 North Dakota
$135 and $50 need to be paid for an LLC formation and annual fee respectively in the State of North Dakota. The details have to be shared annually by the 15th of November along with your annual report to the ND Secretary of State.
Final Word
The states in The United States of America have different policies and procedures for forming an LLC. Every state has different charges, and if you want to ensure that you get everything according to the law then you have to file every detail so that everything you share is in line with the government norms. Don’t miss a possibility as every aspect counts and if you miss out on filing the details in the required time then you could also lose access to calling yourself an LLC Business owner in the respective state.
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