Maryland LLC - Annual Report (Personal Property Tax)

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@llcuniversity 6 жыл бұрын

Hey folks, make sure to check the site for most up-to-date information: www.llcuniversity.com/maryland-llc/annual-report/. Or select your state and start forming your LLC with our free guides: www.llcuniversity.com/

@peter2344sfvd 4 жыл бұрын

I feel this is a little unclear regarding taxes. The LLC does NOT have to file taxes per se as, unless they opted to be taxed as an S Corp, they are pass-through entities and the taxes will be paid on the individual's tax return.

@llcuniversity 4 жыл бұрын

Hi Peter, apologies. Maryland is a bit of a quirky state, since agency that governs LLC is the tax agency. And there is the tax on personal property owned by the LLC. We don't have a quick way to explain it all (yet), so we recommend discussing with an accountant. Thank you for your understanding.

@peter2344sfvd 3 жыл бұрын

@Alpha's Ambition No, you do have to file annual reports but those are not the same as taxes. Your LLC is taxed on profits through your personal returns but it still has to file an annual report, pay "personal property" taxes on the property owned by the LLC, as well as pay a $300 fee each year.

@TradesbyNao 3 жыл бұрын

@@peter2344sfvd In the state lf Maryland. I am understanding that If u list personal property on this annual report form you ll have to pay property taxes on it. Is rhis what I am understanding.

@TradesbyNao 3 жыл бұрын

@@peter2344sfvd In this case is it not better to not list personal property taxes, so that way you do not get taxed on ylur personal property?

@bechusa 4 жыл бұрын

How can I revive my LLC? Any idea or info? Help please!

@llcuniversity 4 жыл бұрын

Hi Sobola, if your LLC has any late/outstanding Personal Property Tax Returns, those must be filed along with a Certificate of Reinstatement. We don't have instructions on this, but Northwest has a page (www.northwestregisteredagent.com/reinstate-revive-maryland-llc.html). Also, here is the phone number to SDAT for any questions: 410-767-1184. Hope that helps.