What Is an Annual Report?

A New Jersey LLC annual report notifies the New Jersey Department of State if you have had any changes to your business in the past year. You might need to update members, the registered agent, and other information. Once you form an LLC in New Jersey, it is a mandatory requirement you have to comply with.

The filing fee for a New Jersey annual report is $75.

New Jersey LLC Annual Report Requirements

When filing an annual report, you will need several pieces of information, including:

• The LLC’s complete business name
• The LLC’s primary business address. This is not a mailing address—it is the physical address of the business
• The names and addresses of the members and managers. These should be home addresses
• The purpose of the LLC and the industry
• The registered agent’s contact information, including the agent’s address, phone number and email
• Your federal employer information number (EIN) for the LLC
• Your LLC’s state reference number. You can look this up at the NJ Department of the Treasury
• The address and other contact information for the business’s CEO

How to File an Annual Report in New Jersey

New Jersey requires all businesses to file a yearly (annual) report to update the records at the New Jersey Department of State. The state will assess you or your business with penalties and fines if you file late or do not file at all.

Due dates

New Jersey requires businesses to file the annual report on or before the last day of the month you created the business. For example, if you created the business in April 2009, your annual report is due every April, on or before April 30.

It is your responsibility to know when the annual report is due. Thus, if you do not receive a notification, the state will still take action against the business.

In New Jersey, you can sign up to receive messages to remind you when to file your annual report. You can choose text or email. An E-government vendor, NIC, provides this service. However, you are ultimately responsible for filing your annual report on time should you not receive the e-alert.

File online

The easiest way to file your annual report for any state is to file it online. You do not have to worry about mail delays. You’ll also know instantly if your credit card was accepted.

New Jersey requires you to file online. To file your annual report online, navigate to the New Jersey Department of the Treasury’s annual report page.

Enter your NJ business entity identification number, the type of business (LLC), and the formation date. All of these pieces of information are required. You will also need a way to pay the filing fee of $75 plus the agency fee of $3.

File by mail

You cannot file an annual report by mail in New Jersey.

File with a compliance service

If you are worried about filing on time, just do not have the time, or wish someone else would file the report, Tailor Brands can file the annual report for you.

In addition to setting up a limited liability company and providing a registered agent, Tailor Brands will help you manage the business, including filing the annual report.

What Happens if Failed To File on Time?

If a business does not file an annual report for 2 years in a row, the Division of Taxation could void your charter or your authority to do business in New Jersey. If the state voids or revokes a business, you have 2 years to reinstate it.

Late fees and fines

A limited liability company dissolved by the New Jersey Division of Taxation must file all of the outstanding annual reports and pay the following:

• Filing fees for all outstanding annual reports
• $75 to reinstate your business
• $20 for a tax clearance certificate if your business was revoked for failing to file annual reports over 2 years ago
• $25 to change the registered agent if the business changes the registered agent on the new annual report

Penalties

Once 2 years have passed without filing an annual report:

• The system transfers your business to the inactive list
• A newly formed limited liability company can use your business name once the Division of Taxation moves it to the inactive list
• The filing office could revoke a foreign limited liability company’s certificate
• If someone else registers your business name while it was inactive, the filing office will only reinstate the certificate once you file an amendment to change the name of your business to an available name

One of the penalties you must face is obtaining a tax clearance certificate to reinstate a limited liability company that has been dissolved for more than 2 years. Otherwise, the tax clearance is not required, and you can reinstate your business through the Division of Taxation’s online portal.

If you need a tax clearance, the system will create an application with instructions for obtaining the tax clearance certificate. The Division of Taxation will notify you once it issues the tax clearance certificate.

It will not issue a certificate if you owe outstanding debts and liabilities. You must pay those off before you can reinstate your business. Once you show that you paid the debts and liabilities, the Division of Taxation issues the tax certificate, and the Division of Revenue and Enterprise Services (DORES) reinstates your business.

Additionally, you might not be able to conduct business with banks, prospective clients or licensing agencies if the state administratively dissolved your business. When you file an annual report on time every year, you avoid the costly consequences of allowing the report to lapse.

Dissolution

If the Division of Taxation dissolves your business, you can reinstate it via the DORES online reinstatement service as long as the business has not been dissolved for over 2 years. To reinstate your business:

• Navigate to the Division of Revenue and Enterprise Services website
• Use your 10-digit business entity ID number and the month and year you originally formed the business to log in
• File all annual reports that are delinquent
• Pay the reinstatement fee as dictated by the system

Conclusion

In order to stay in good standing with New Jersey and protect your business and personal assets, you should file your annual reports on time.

Take advantage of using New Jersey’s third-party notification system so that you do not forget to file the annual report. The Division of Taxation will not remind you to file.

New Jersey will not accept any excuses for not filing, especially the excuse that you did not receive a notification. It is your responsibility to remember the date to file the annual report. By filing on time, you avoid late fees and the possibility of not being able to do business or have accounts closed.

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