It’s that time of year! Florida business owners, we know that you have a million things on your minds, from growing your brand to fitting in much-needed time to escape the hustle and recharge. But there is one deadline you definitely don’t want to miss: May 1, 2025, when annual reports are due. Though not an overwhelming process, it’s one that is easy to put off until, suddenly, you hit the $400 late fee. So, if you’re a newer business owner and have not yet done this process (or simply need a refresher), who exactly needs to file, and what does this involve?
Who Needs to File an Annual Report in Florida?
In Florida, the following business entities are required to file an annual report with the Florida Department of State, Division of Corporations:
· Corporations (For-Profit and Non-Profit)
· Limited Liability Companies (LLCs)
· Limited Partnerships (LPs)
· Limited Liability Partnerships (LLPs)
It’s important to note that even if your business did not make any changes over the past year, you are still required to file an annual report to maintain an active status. Sole proprietorships and general partnerships are generally not required to file.
What Does the Reporting Process Include?
Filing your annual report is a straightforward process, but it’s essential to ensure accuracy to avoid future complications. This will involve visiting the Florida Department of State: Division of Corporations website, gathering and submitting your business’s updated information (including, among other information, mailing and corporate addresses, registered agent information, EIN, as well as names and addresses of officers, directors, members, or managers). This will also involve a filing fee that varies based on the type of business for which you are filing.
Why Timely Filing is Important
Missing the May 1 deadline can have significant financial consequences. Businesses that fail to file their annual report on time will be subject to a $400 late fee, regardless of their business type. This penalty is in addition to the standard filing fee.
Businesses that incur a late penalty will have until the third Friday in September to pay these fees. Entities not paid in full at that point will be administratively dissolved. Filing your annual report on time ensures that your business remains in good standing with the state of Florida. This not only protects your legal status but also helps maintain your credibility with clients, vendors, and financial institutions. Timely compliance can prevent unnecessary fees and administrative hassles, allowing you to focus on growing your business.
If you have any questions or need assistance with filing your annual report, please reach out to us. We’re here to ensure that your business remains compliant and operates smoothly.
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