It has been about a year since I first formed my LLC, and I have already submitted my tax return. Without going into specifics, GBGames, LLC posted losses in its first year. Looking back, I can say that one of my problems was that I didn’t do a very good job of managing my business (or myself!), but I can write about production and self-management in another post.
Last week I submitted my annual report to the Secretary of State, and it was easy.
In Forming an LLC in Illinois, I described the steps necessary to create a limited liability company for yourself. The initial payment of $500 required something other than a regular check, and I used a cashier’s check when I created GBGames, LLC. I was not sure if I would need to go through the trouble of getting another cashier’s check to pay the $250 annual fee, but it turns out that you could send a regular check.
Filing the report was pretty simple. The state sends you a form with your important information: business name, the primary contact, and principal business location. If nothing has changed, sign it, enclose the check, and mail it off.
The most confusing thing about the process was the difference between the address on the provided envelope and the form itself. I imagine it eventually gets to the same place, but why provide an envelope with a different address from the one that the form says it should go to?
In any case, GBGames, LLC will be going into its second year on March 22nd. Hopefully it will be a profitable one. B-)