Starting a South Dakota LLC (limited liability company) can be exciting, but there are a few challenges and obligations to take into account. Filing initial paperwork may seem tedious, but that’s not where the effort ends: once your South Dakota LLC is up and running, you will need to continue making updates every year.
Known as the annual report, this obligation keeps your South Dakota LLC in good standing and sets you up for long-term success. Thankfully, you don’t need to tackle this extra paperwork on your own. Keep reading to learn more about LLC annual report requirements in South Dakota.
First things first: what, exactly, is a South Dakota LLC annual report — and why do you need to file it? Understanding the value of this report may make it feel like less of a burden.
This is a simple, but important requirement, designed to provide basic details about your LLC. The ultimate goal of the annual report is to confirm that your business remains compliant with South Dakota rules and regulations. This report can also reveal if anything about your LLC has changed in the previous year or since the original articles of organization were submitted.
Other need-to-know details are outlined below:
Compared to initial LLC filing documents, the annual report is relatively straightforward. South Dakota offers flexible options for submitting this report and limits the length of the document to focus on the most important LLC details. Still, it is important to follow the instructions carefully to ensure that all LLC information is correct and up to date.
There are many ways to file South Dakota’s LLC annual report, but the actual details contained within this essential document are consistent and easy to understand. Consider obtaining this information in advance so that, when it is time to submit the annual report, the process can feel streamlined and stress-free.
With all essential details gathered, it is time to move forward with actually submitting the annual report. There are many ways to accomplish this, but typical filing strategies include the following:
Double check all LLC information and then pay the required fee. This will depend on how you submit your annual report: you will pay $50 to file online or $65 if filed by mail. If paying by check, make it payable to the “Secretary of State.”
Whether you file your annual report late or neglect to submit this crucial document in the first place, unwanted consequences can be expected. The severity of these depends on how late the report is filed or other circumstances surrounding the failure to file on time. When in doubt, it’s best to take extra measures to ensure that this critical document is fully completed and submitted on time.
Once the deadline for filing the annual report passes, your LLC could be deemed delinquent. The South Dakota Secretary of State mandates a $50 late fee for all delinquent annual reports. Although this fee may seem modest compared to penalties in other states, but those extra fees can add up, especially as the original filing fee must also be paid.
Although rare, LLC revocation could potentially occur following repeated failures to submit annual reports as mandated by the South Dakota Secretary of State. Revocation means that your LLC no longer maintains its protected status and that this business entity can be administratively dissolved.
In the event of revocation, reinstatement is possible, but this calls for additional paperwork: an application for reinstatement along with delinquent annual reports and accompanying fees. This extra paperwork is best avoided by being mindful of annual report deadlines and keeping up with South Dakota LLC requirements.
The application for reinstatement must include a detailed explanation, revealing how the grounds for revocation have been addressed or, if relevant, explaining that these grounds were not valid in the first place. This application must be submitted within two years of the original date of revocation.
The annual report provides the chance to keep your South Dakota LLC in good standing. This might feel like extra work, but it’s possible to streamline this process. Look to Tailor Brands for help not only with LLC formation, but also, with meeting ongoing requirements. Offering compliance services for South Dakota LLCs, we are eager to help local leaders focus on what they do best: running their businesses without worrying about deadlines or paperwork.
The South Dakota business ID provides a unique identifier for local LLCs and other entities. This is a required component of the South Dakota annual report and is also necessary when submitting other documents such as amended articles of organization or statements of change.
South Dakota LLCs that do not submit annual reports may be revoked or dissolved. The reinstatement process allows a revoked LLC to return to good standing. This involves a detailed application for reinstatement and a $150 filing fee.
The South Dakota Secretary of State allows local LLCs to amend previously filed annual reports, but this involves submitting an official document and a $25 filing fee. Amended information could involve business addresses or LLC managers. New registered agent information calls for a statement of change.
This portion of our website is for informational or educational purposes only. Tailor Brands is not a law firm, and the information on this website does not constitute legal advice. All statements, opinions, recommendations, and conclusions are solely the expression of the author and provided on an as-is basis. Accordingly, Tailor Brands is not responsible for the information and/or its accuracy or completeness. It also does not indicate any affiliation between Tailor Brands and any other brands, services or logos on this page.
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