Each year around this time, we seem to get the same questions coming our way regarding the Florida Annual Report.
To help our business clients and friends, we’ve compiled a list of the 9 most commonly asked questions.
What is the Florida Annual Report?
Despite being explained the process when first forming their entities, many new business owners seem perplexed by the Florida Annual Report filing requirement.
It is essentially a document that certain business types must file with the Florida Department of State each year.
For-profit corporations, non-for-profit corporations, limited liability companies, limited partnership, and limited liability partnerships must file this yearly report prior to May 1st to update the state of Florida on the company’s current status and contact information.
It is mandatory to maintain an active status for a business entity and failure to file your Annual Reporting in Florida may result in the administrative dissolution or revocation of your entity. Each annual report is accompanied by a fee.
When is the Annual Report due in Florida?
The Annual Report in Florida is usually due on or before May 1st of each year.
This deadline is statutorily mandated for all businesses registered in the state of Florida.
Failure to meet this deadline automatically results in a $400 fine and potentially in the dissolution or revocation of the business itself.
Given holidays and potential extensions granted by the state, we always suggest that business owners check and confirm with the Florida Department of State as to the due date for the current year.
For a more detailed breakdown of the Department of State’s deadlines, see our previous article: Filing Florida Annual Reports.
Are Annual Reports required in Florida?
Yes, in Florida, certain types of businesses registered with the state must file an annual report with the Florida Department of State to maintain an active status for your business entity.
This means that if you fail to file the report by the May 1st (as adjusted) deadline, then you will be subject to a fine, revocation or dissolution of your business.
This important requirement is essentially a way for the government to keep track of all active businesses within a state and their up-to-date information.
How much is the Annual Report fee in Florida?
The filing fee that must accompany your Florida Annual Report varies depending on the type of your business entity. While these fees are set by the Florida Department of State, they are subject to change so it’s imperative that the fee amount is verified each year.
Currently, the fees for the different entities are as follows:
- For-profit corporations: $150.00
- Not-for-profit corporations: $61.25
- Limited liability companies (LLCs): $138.75
- Limited partnerships (LPs): $500.00
- Limited liability partnerships (LLPs): $500.00
However, if your Florida Annual Report is late, then it is important to remember that these fees are in addition to the late fee, which is currently $400.00, that would be due.
Can I make changes to my Florida Annual Report after it’s been filed?
Changes and amendments may be made to Annual Reports in Florida for corporations or limited liability companies after they have been filed by filing an amended report and paying the associated fee.
The fee for amended annual reports for corporations, whether for-profit or not-for-profit, is $61.25, and $50.00 for limited liability companies.
Limited partnerships or Limited liability partnerships require a slightly different process in which the appropriate documentation must be completed and mailed to the Florida Department of State along with the accompanying fee.
What is the Florida LLC Annual Report?
Yes, the Florida LLC Annual Report is the annual report specifically filed for limited liability companies that are registered in the state of Florida.
All deadlines and fees are as fixed by the Florida Department of State.
In the report, LLC owners are required to provide information such as the name of the LLC, the names and addresses of all managers and/or members, the name and addresses for the Florida registered agent, among other things.
The report should be completed by a person authorized to do so by the LLC’s governing documents. This question referencing limited liability companies is often asked because they are so prevalent in Florida.
Do I need to renew my LLC every year in Florida?
Yes. The concept of “renewing an LLC” is essentially the filing of its Annual Report in Florida and like with all other entities, they must be filed yearly to remain active and in good standing with the Florida Department of State.
Can the Florida Annual Report late fee be waived?
Inevitably, clients contact law firms for assistance long past the May 1st deadline in a panic as to what to do next. As the late fee adds on $400.00 total cost of the filing, clients often ask if they can be waived.
The answer is that it is possible to be waived under certain circumstances such as hardship. However, this determination is left up to the Florida Department of State and there is no guarantee that a waiver request will be granted.
Any request for a late fee waiver must be made in writing and include an explanation as to the reason for the late filing. It is also advisable to include supporting documentation to reinforce your explanation.
It’s worth noting that even if your request for a waiver of the late fee is granted, this does not waive the requirement to file the Annual Report in Florida itself. Therefore, it’s recommended that you file your Florida Annual Report as soon as possible regardless of whether your request for the late fee waiver has been responded to. This will avoid an even worse consequence of administrative dissolution or revocation.
Do I need an attorney to help with filing my Florida Annual Report?
While many business owners file their Florida Annual Reports online through the Florida Division of Corporations, it is always recommended that a Florida business attorney review your report and governing documents each year to ensure that no changes or updates are required.
A qualified attorney can also provide general guidance and answer questions about the filing process itself.
If you have questions related to your Florida Annual Report, operating agreement or other general business law-related inquiries, schedule a consultation with us by clicking here.
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