Florida Annual Report Filing Guide: What is an Annual Report and How do you file it?
Running a business involves wearing many hats and or delegating responsibilities to others. One of the main components includes keeping the business in compliance and in good standing within the state(s) in which they are registered and/or are conducting business. Staying in compliance is essential to the longevity and effectiveness of your overall business operations. Compliance requirements vary, and are dependent on the types of business, in addition to, State, Federal and other applicable laws. One of these important requirements in Florida, is the filing of an annual report. All business entities are required to file an annual report with the Florida Department of State’s Division of Corporations. Failure to file annual reports may result in expensive and impactful consequences for your business. In this post, we will discuss Florida’s Annual Report filing requirements, and walk you through the process of filing the Annual Report with the State of Florida.
What is the Florida Annual Report?
An annual report is a document that must be filed annually with the Florida Division of Corporations. The annual report provides key information about each business registered to operate and/or doing business in the State of Florida. It serves the purpose of maintaining updated information about businesses, including details about officers, directors, and the registered agent. This information is available both to state agencies and the general public via the division’s website sunbiz.gov. Filing an annual report is a legal requirement and is necessary to keep the business in compliance with state regulations. In Florida, the annual report is used to confirm the Florida Department of State Division of Corporations records. The report must be filed annually in order for the entity to maintain an “active status” with the State of Florida. The annual report should therefore reflect the most current data for the entity.
Filing an annual report is important for several reasons:
Maintaining Good Standing: Filing an annual report on time helps maintain the business’s good standing with the state of Florida. Good standing is essential for various business activities, such as obtaining loans, entering contracts, and applying for licenses.
Updating Business Information: Annual reports provide an opportunity to verify, update and change as needed, important business information, including addresses, officers, directors, and registered agent details. The annual report allows you to:
- Add, delete, or change the names and/or addresses of the officers, directors, managers, authorized members; and make changes to addresses only for any general partners.
- Change the registered agent and registered office address.
- Change the principal office address and mailing address for the business entity.
- Add or change the federal employer identification number.
Compliance with State Laws: Filing an annual report ensures compliance with Florida state laws and regulations governing business entities.
Who Needs to File an Annual Report in Florida?
The following business entities registered in Florida are required to file an annual report:
– Corporations (including Non-Profit Corporations)
– Limited Liability Companies (LLCs)
– Limited Partnerships (LPs)
– Limited Liability Partnerships (LLPs)
When is the Annual Report Due?
Annual Reports are due each year by May 1. They can be filed between January 1 and May 1 of the current year. It’s important to note that failure to file an annual report on time can result in penalties, late fees, or even administrative dissolution of the business entity. A $400 late fee will be imposed on all profit corporations, limited liability companies, limited partnerships and limited liability limited partnerships. Non-profit corporations are not subject to the $400 late fee.
How to File a Florida Annual Report
Filing a Florida annual report can be done online through the Florida Division of Corporations website.
Here’s a step-by-step guide to the filing process:
- Visit the Florida Division of Corporations Website: Navigate to the official website of the Florida Division of Corporations.
- Access the Annual Report Filing Section: Locate the annual report filing section on the website, and click the button that reads “Click Here To File Your Annual Report”.
- Enter the entity’s document number in order to access the online annual report form. If you forgot the document number, search for your entity by name/owner and copy your listed document number.
- Verify and Update Business Information: Provide the required information, including your business entity’s name, document number, and FEI/EIN (Federal Employer Identification Number). Review and update business information as needed, such as addresses, officers, directors, and registered agent details.
- Submit the Annual Report: Complete the filing process by submitting the annual report and paying any associated filing fees.
Florida Annual Reporting Filing Fees
| Annual Report – Profit Corporation | $150.00 |
| Annual Report – Non-Profit Corporation | $61.25 |
| Annual Report – Limited Liability Company | $138.75 |
| Annual Report – Limited Partnership or Limited Liability Limited Partnership | $500.00 |
Tips for Filing a Florida Annual Report
To ensure a smooth filing process and avoid common pitfalls, consider the following:
Mark Your Calendar: Set reminders well in advance of the annual report due date (May 1) to avoid missing the deadline.
Update Business Information: Take the opportunity to verify and update business information during the filing process.
Consult with Professionals: If you’re unsure about any aspect of the filing process, consider consulting with a business attorney or professional service provider for guidance.
Annual Report Filing Services: Hire a professional managed annual report filing service to send deadline reminders, prepare and file the annual report on your behalf to ensure timely filing and avoid interruptions in your business operations.
Conclusion
Filing annual reports is a fundamental aspect of maintaining compliance and ensuring the legitimacy of your business entity. By understanding the importance of annual reports, knowing who needs to file, when the reports are due, and how to file them correctly, you can navigate the process with confidence and avoid potential penalties or complications.
Remember, staying proactive and informed about your compliance obligations is key to the long-term success of your business in the state of Florida. Addressing compliance issues promptly demonstrates your commitment to operating ethically and responsibly, setting the stage for continued growth and success in the competitive business landscape of Florida.
You’re not alone in navigating these challenges. Reach out to trusted professionals and utilize available resources to ensure your business’s continued compliance and success. If you have questions or need assistance with annual report filings, please don’t hesitate to reach out to LAMAR LEGAL PLLC, we can provide personalized guidance and support tailored to your specific business needs. Learn more about our Annual Report Filing Services, on our website.
Additional Resources
Florida Division of Corporations Annual Report Filing https://dos.myflorida.com/sunbiz/manage-business/annual-report/
Florida Business Compliance Guide https://dos.myflorida.com/sunbiz/manage-business/business-compliance/
Florida Business Resources and Assistance https://www.floridajobs.org/business-growth-and-partnerships/business-resource-assistance
