Running a business can be a huge and exciting endeavor. But, to keep your business in good standing with the state, you must identify and comply with all legal compliance requirements.
For many businesses in Florida, like in most states, this includes filing an annual report. Filing an annual report is a standardized way for the state to keep your business information up-to-date, like your company name, mailing address, and registered agent information.
The larger your business, and the more businesses you own, the harder it can be to keep up with all of the filing requirements. However, if you miss a filing, you could fall out of good standing.
Once you are in bad standing with the state, you could face fees and fines, and your company could be forcibly dissolved. Working with an experienced business law attorney can help you to eliminate these risks.
An experienced business law attorney can help you stay up-to-date with business law filing requirements, alleviating you of this burden so that you can focus on your business operations.
An annual report is a form that every limited liability company, limited partnership, limited liability partnership, and corporation in Florida must file with the Florida Division of Corporations, before May 1 of each year. The purpose of an annual report is to ensure that the state has on file the most up-to-date information regarding your business.
When you file your annual report, you have the opportunity to add, delete, or change the names and addresses of the officers, directors, managers, members and/or general partners of your company.
In addition, you can change both the principal and mailing addresses of your business, the address of your registered agent, and your business's employer identification number (EIN). But, even if there are no changes in your business information, you are still required to file an annual report.
Unless your business is registered as a non-profit organization and not subject to a late fee, failure to file an annual report for your company will result in your business being assessed a $400 late fee. Furthermore, if you don't file your annual report by the 3rd Friday of September, the Florida Department of State will administratively dissolve your business.
You must file your annual report online at the Florida Division of Corporations' website, which will require the following:
The payment options for filing your annual report online include:
Other things you may want to have handy when filing your annual report include:
Some business owners are capable of filing their annual reports each year on their own. Nevertheless, if you don't have the time or the desire to do it yourself, you can hire an experienced business law attorney to prepare and file your annual report for you.
Ultimately, however, filing an annual report and keeping your business in good standing is your responsibility. If you hire a service to help you file your annual report, be sure to find out if they will actually file it for you or if you must file it yourself.
For more information or for help filing an annual report for your business in Florida, call us today to schedule a consultation with an experienced Florida business lawyer. We can handle all aspects of filing your annual report so that you can keep your focus where it needs to be––on your business operations.