,

What is an annual report and do all businesses in Florida need to file it?

Lane Park, FL—Annual reports should be filed by profit corporations, limited liability companies (LLC), limited partnerships, or limited liability limited partnerships. Annual reports are not financial statements, but instead, provide the State with important information pertaining to a business.

For example, when a person files their annual report, which is due by May 1st, they can make changes to the following information or leave it the same1:

  • Add any new officers, directors, managers, or members. They can also delete any of the following parties who may no longer be affiliated with the business or update their name in the event it changed due to marriage, divorce, etc.
  • Update the principal office address and/or mailing address associated with the business.
  • Add a federal employer identification number or update the current one that is on file.

 

Important: One thing business owners in Florida cannot do when they file their annual report is change their business name. If a business owner needs to change their business name, they will want to contact the Florida Division of Corporations for help. A Lane Park, FL business law attorney can also be contacted for help with this and much more.

 

What are the consequences of not filing an annual report?

 

A business that is required to file an annual report must do so by the date the Division specifies. For the 2021 calendar year, the deadline to file an annual report without incurring a late fee was May 1, 2021.

If a business files its annual report after the due date, it will incur a $400 late fee. The Division does allow businesses up until the third Friday in September to file their annual report, although a late fee will still be assessed. In the event the Division does not receive a business’s annual report by this date, it will be administratively dissolved.

While a business that has been administratively dissolved can be reinstated, the owner of it will be required to pay a reinstatement fee along with any other fees that they are required to pay.

 

What happens if a business closes?

 

In the event a business closes and is no longer in operation, it is not required to file an annual report. However, the business owner will want to contact the city it registered in so that the closure can be properly documented.

 

What if a business gets behind on filing its documents?

 

Businesses in Florida need to be sure they are staying current on getting their forms filed, whether it is with the state, city, or county. In the event a business owner has fallen behind on getting certain forms filed and is facing serious consequences as a result, a Lane Park, FL business law lawyer at Legal Counsel P.A. can provide them with legal advice, and if necessary, help to get the issue resolved.

 

Legal Counsel P.A. is located at:

 

189 S. Orange Avenue, Ste. 1800

Orlando, FL 32801

Phone: 407-395-2653

Website: www.legalcounselpa.com

Email: [email protected]

 

Source:

https://dos.myflorida.com/sunbiz/manage-business/efile/annual-report/

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *