If you have incorporated in Florida or formed an LLC in Florida, your deadline for filing your Annual Report is May 1. Here are 7 facts that you need to know to ensure that your corporation or LLC remains compliant in the state of Florida.
You Must File an Annual Report Whether Your Business Has Changes or Not
While the purpose of the Annual Report is to ensure that the Florida Department of State, Division of Corporations has your company’s most updated information, you still have to file the document, even if you have no changes since last year.
You Can Change Several Types of Information
Whether you file your Annual Report online or let CorpNet file your Annual Report, there are several things you can tweak on it, including:
- Names and/or addresses of officers, directors, managers, managing members, and addresses only of general partners
- Registered agent and registered office address
- Principal office address and mailing address for your business
- Federal employer identification number
You Cannot Change Your Business Entity’s Name on the Annual Report
You need to first file an amendment to change your business name with the state of Florida by mail.
The Cost for the Annual Report Changes, Depending on the Business Structure
The fee for each type of business structure to file an Annual Report is as follows:
- For-profit corporation: $150
- Non-profit corporation: $61.25
- LLC: $138.75
- LP or LLLP: $500
The State of Florida Charges a Late Penalty
If you miss the May 1 deadline for filing your annual report, you will have to pay a $400 late fee, whether you’re a for-profit corporation, an LLC, an LP, or an LLLP. Non-profit corporations do not have to pay this late fee.
Not Filing Your Annual Report Has Consequences
The state of Florida gives you until the third Friday of September to file your Annual Report. If you don’t, the state will dissolve or revoke your business entity, and then you have to apply to reinstate the entity. Lesson here: don’t put it off! It costs you time and money.
If Your Business is Closed, You Don’t Need to File an Annual Report
You do, however, need to take the necessary measures to dissolve or withdraw your corporation or LLC so that the state of Florida knows your business is no longer functioning.
The important takeaway from these points is that it’s essential that you file your Annual Report by that May 1 deadline to avoid a hefty late fee and keep your company in compliance with the state of Florida.