Quick Business Tip: Filing Florida Annual Reports

Have you filed the Annual Report for your business? In Florida, Annual Reports are due on January 1st of each year and are considered late if filed after May 1st. Failure to file your updated Report and pay the fees by this deadline will result in a $400 penalty being imposed on all for-profit corporations, limited liability companies, and limited partnerships. So, it’s important not to miss it!

Exactly what is an Annual Report, you ask? A business’ Annual Report is its official record with Florida Department of State, Division of Corporations’ that must be updated and filed annually for the business to remain active. In fact, this Report must be filed each year regardless of whether there have been any changes to your company since its purpose is to reflect the entity’s most current data on file with the Division of Corporations. 

Penalties for late payment of a Florida Annual Report

Aside from incurring a rather hefty penalty of $400 for failing to pay on time, you may risk having your business entity being administratively dissolved or revoked with the Department of Corporations if you have not filed your Report by the 3^rd Friday in September of the year in question. This year, your payment must be paid by September 21, 2018. Although administratively dissolved or revoked entities may ultimately be reinstated, an application must be filed along with a reinstatement fee and the annual report fee at the time it is submitted.

Since the purpose of the Report is to ensure a business’ data is updated with the Department of Corporations, it is not necessary to file an Annual Report if your business is closed. However, it is important to make sure that you have properly dissolved, withdrawn or canceled your entity.

Once your Annual Report has been filed and processed, an image of it can be downloaded free of charge through www.sunbiz.org within 3 to 5 days.

Fees for Different Entity Types

It’s important to remember that there are different fees for each entity type. So be sure to remit the correct amount! Refer to the list below to determine the amount you owe:

Profit Corporation:                                                                                                                          $150.00

Non-profit Corporation:                                                                                                                    $61.25

Limited Liability Company:                                                                                                            $138.75

Limited Partnership or Limited Liability Limited Partnership:                                              $500.00

With less than a month left to file Annual Reports before a penalty is assessed, it’s imperative that Florida business owners update their information, file their Reports and pay the appropriate fee timely.  If you are in need of assistance with filing your Florida Annual Report, or have decided to Reinstate or Dissolve your entity, an experienced attorney can help!