Filed my Articles of Organization last week, got the approval email yesterday. Felt almost too easy. Now I'm sitting here wondering what I'm actually supposed to do next. Do I need to file something with the IRS immediately? What about the annual report, I've seen mentions of April 15 but also different dates for different entity types. And does anyone know if the state automatically sends reminders, or is it on me to remember? Just trying not to screw up the basics before I even get a client.
LLC Compliance
North carolina's llc filing process seems straightforward, but what happens afterward?
Annual report is due April 15 every year, no reminder from the state unless you signed up for their email list (which I didn't know about for two years). It's $200 if you file online. Penalty for late is $25 per month. Don't be me.
EIN from the IRS is free and takes like 10 minutes online if you're a single-member LLC. Dont pay one of those services $99 for it. You'll need it for basically everything—bank account, taxes, hiring.
Also get a separate business bank account.I know it sounds obvious but I ran everything through my personal account for the first six months and now my bookkeeping is a nightmare of epkc proportions. Commingling funds can also mess with your liability protection, which is the whole point of the LLC.
BiscuitHaver is right about commingling, but honestly unless you you're doing something risky, the liability thing is overblown for most solo folks. Still, separate account saves you a headache at tax time. And no, the state won't remind you about the annual report. Set a calendar reminder now for like March 1.
Wait, April 15 for the annual report? I thought that was just the tax deadline. I've been filing my LLC annual report in November for three years because someone told me it was due by the end of the fiscal year. Am I an idiot? (Don't answer that.)
SoggyWaffles—you might be thinking of a different state or maybe an old rule? NC annual report for LLCs is definitely April 15. You might want to double-check your filing receipts, because if you've been paying penalties you'd probably know by now.
Don't forget the BOI report if you formed this year. FinCEN's beneficial ownership thing. Most small LLCs have to file it within 90 days of formation. It's free and takes five minutes but people are already getting hit with huge fines for ignoring it. I only found out from a random Reddit post.
Oh great, another federal filing. I thought I was done after the EIN. Thanks for the heads up I guess.