Hi everyone, I’m Bette Hochberger, CPA, CGMA. For today’s blog, I am going to give you a guide of the Florida Annual Report. Let’s go ahead in dive in!
Every year, business owners operating in the Sunshine State hear the term “Florida Annual Report.” Yet, what does it truly entail? Here’s your map through the process and importance of this report.
What is the Florida Annual Report?
The Florida Annual Report is a yearly statement filed with the Florida Department of State’s Division of Corporations. It provides updated information about a business, ensuring the state has current details regarding management, addresses, and other pertinent aspects of your enterprise.
Who Needs to File?
Every active Florida corporation, whether domestic or foreign-qualified, must file an annual report. This includes:
- Profit and non-profit corporations
- Limited Liability Companies (LLCs)
- Limited Partnerships (LPs)
- Limited Liability Partnerships (LLPs)
Key Components of the Report:
- Entity Name and Document Number: Essential for identifying the specific business.
- Principal Office Address and Mailing Address: Ensure these are current, so all official correspondence reaches you.
- Management Details: Names and addresses of corporate officers, directors, or members/managers of LLCs.
- Registered Agent Information: The designated person or entity to receive service of process if the business is sued.
The Deadline and Fees:
The filing window opens on January 1st and closes on May 1st. There’s a set fee for filing the annual report, which varies depending on the type of entity:
- Corporations: $150.00
- LLCs: $138.75
- LPs and LLPs: $500.00
Late filings, unfortunately, come with a hefty penalty, so marking your calendar is crucial.
How to File:
The most streamlined way to file is online through the state’s official website, Sunbiz.org. Simply follow the prompts, input your updated information, and pay the associated fee. Once submitted, you’ll receive a confirmation – hold onto this for your records.
What Happens if You Don’t File?
Failure to file the annual report by the third Friday of September will result in the administrative dissolution or revocation of your business entity come the fourth Friday of September. However, there is an option to reinstate, but it comes with additional fees.
Key Tips and Reminders:
- Email Notifications: The Florida Department of State sends electronic reminders as the deadline approaches. Keep an eye out!
- Beware of Scams: Occasionally, businesses receive unofficial “notices” or “invoices” related to their annual report. Always verify through Sunbiz.org before making any payments.
- Consistent Review: Even if no changes occurred in your business, filing the report is mandatory. Treat it as an annual review of your business details.
The Florida Annual Report is more than just a formality; it’s a reflection of your business’s commitment to transparency and compliance. Regularly updating your information not only keeps you in good standing with the state but ensures you’re reachable for any vital communications.
I hope you learned something new today. As always, stay safe, and I will see you next time.