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What Should an LLC Be Doing Now?

Last week we talked about how to keep your Corporation in good standing. This week we focus on the LLC. While one benefit of an LLC is less formality, there are still some actions required to protect the owner’s limited liability.

1. You should have prepared and sent W-2s to employees and 1099s to contractors or vendors by January 31st.

2. The LLC must file annual reports with the NC Secretary of State, at the same time it files its company tax return (usually April 15th). To file your annual report, click here, and type in your corporation’s name.

3. A single-member LLC (which includes an LLC in which a husband and wife are the only two members) does not have to file a tax return for the LLC. All income and losses flow through to the personal income tax return of the owners on Schedule C. LLCs with 2 or more non-married members must file a partnership tax return, but will not pay any income tax at the company level. For more information, click here or contact a CPA.

4. If your operating agreement requires annual meetings of members or managers, be sure to hold them. There is no independent requirement under NC Law. If you need to set annual valuations for buy-out reasons, this is a good time.

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