Florida LLC Annual Report (Everything You Need to Know)
If you are a business owner in Florida, understanding the annual report for LLC is essential because failing to honor this commitment may lead to some serious consequences.
As a legal consultant with over a decade of experience, I have helped many businesses complete their annual reports over the years.
In this post, I will provide valuable insights and guidance on the requirements of a Florida annual report and how to file it.
Quick Summary
- It is mandatory to file a Florida LLC annual report each year with the Department of the State.
- The deadline for filing the Florida annual report is May 1 and it costs $138.75.
- In Florida, there is a late fee for LLCs that file their annual report after the due date. The late fee for filing an annual report late for an LLC in Florida is $400.
- Florida’s economy is significantly supported by approximately 3.1 million small businesses as of 2023, highlighting the crucial importance of timely annual report filings.
What is Florida LLC Annual Report?
The Florida annual report, submitted by LLCs to the Division of Corporations, is due before May 1 each year, even if no company changes have occurred.
Many business owners file these reports online through the Florida Division of Corporations, but it is advisable to have a qualified Florida business attorney review the documents.
This crucial document maintains your LLC's compliance and records essential business information [1].
With Florida housing approximately 3.1 million small businesses as of 2023, timely filing underscores the vibrant and significant role of these entities in the state's economy.
"As an essential legal obligation, timely filing of the LLC Annual Report not only maintains your business's good standing but also ensures continuous protection of personal assets and rights to your business name in Florida."
- Delina Yasmeh, J.D./Tax LL.M, Distinguished Expert in Mergers & Acquisitions
What is an Annual Report?
An annual report is a crucial document that businesses in Florida must file with the Florida Department of State each year.
This report serves to update the state’s records on the business entity’s current status and contact information.
Filing an annual report is a mandatory requirement for all business entities registered in Florida, including for-profit corporations, non-profit corporations, limited liability companies (LLCs), limited partnerships, and limited liability partnerships.
By submitting this report, businesses ensure they remain in good standing with the state and maintain their legal protections and benefits.
How To File a Florida Annual Report?
To file a Florida LLC annual report, you will need to file online with the Florida Secretary of State’s Division of Corporations.
More precisely, to file a Florida LLC annual report, you will need to do the following:
Step 1: Go to SunBiz.org
Click on 'Start Now' and select 'Annual Report - Domestic Limited Liability Company (LLC)' right after that [2].
Step 2: Enter Your Document Number
Fill out the form with all required business information, including your company's name, mailing address, and document number.
Step 3: Follow the On-Screen Instructions
All of the on-screen instructions will guide you through your annual report filing.
You will be needed to provide details like:
- Business Entity Number (assigned to you by the Florida Division of Corporations)
- Employer Identification Number (EIN)
- Registered agent information
- LLC's filing history with the Florida Department of State, if applicable [3]
After completing the form, we submitted it online, paid, and were all set.
The payment options for filing an annual report in Florida usually include credit/debit cards, electronic funds transfers, or check payments.
Commonly used payment options available to a Florida LLC are:
- Online Payment Options
- By Mail or Courier
Let's take a closer look at each payment option below.
Online Payment Options: You can submit your payment online through SunBiz.org using a credit card, or debit card, or by having a prepaid Sunbiz E-File Account.
By Mail or Courier: In our case, we chose to pay by mail, we sent a payment voucher with our check. You can also use money order. You can find the payment voucher on SunBiz.org.
Make sure to include your document number on the voucher.
What to Include in the Annual Report?
Some of the information to include in a Florida annual report are:
- Entity name
- Mailing addresses
- Business address
- Name and address of the registered agent
- Purpose of Business
- Shares issued by the company
- Names, titles, residences, and business addresses for all managers/members (if applicable)
When filing our annual report, we also included the date each of the managers was appointed to a company position.
Related Article: Best LLC Service in Florida
Making Changes to a Business Entity
Business entities in Florida have the opportunity to make necessary updates to their information through the annual report.
This report allows businesses to update details such as management or membership information, principal office address, mailing address, and information about the Florida registered agent.
However, it’s important to note that the annual report does not permit businesses to change their name.
If a business needs to change its name, a separate application must be filed with the Florida Department of State.
Keeping this information current is essential for maintaining compliance and ensuring that the state has accurate records.
Business Entity Types
Several types of business entities are required to file an annual report in Florida. These include:
- For-profit corporations
- Non-profit corporations
- Limited liability companies (LLCs)
- Limited partnerships
- Limited liability partnerships
Each type of business entity has its own specific requirements and fees associated with the annual report.
For instance, the filing fee for a limited liability company is $138.75, while a limited partnership or limited liability limited partnership must pay $500.
Understanding these requirements helps ensure that businesses remain compliant and avoid any penalties.
Renewal and Maintenance
Filing an annual report is a vital part of maintaining a business entity’s active status in Florida.
Failure to file the report by the due date, which is May 1st, can result in a late fee of $400 and potentially lead to the dissolution or revocation of the business.
Business owners can file their annual report online through the Florida Division of Corporations or by mail.
It is highly recommended that business owners review their report and governing documents each year to ensure that no changes or updates are required.
Consulting with a Florida business attorney can provide additional guidance and assistance with the filing process, helping to avoid any costly mistakes and ensuring compliance with state regulations.
How early can I file my Annual Report?
In Florida, which boasts the 4th rank on the Tax Foundation's 2024 State Business Tax Climate Index, the favorable business tax environment highlights the critical need for LLCs, corporations, and LLPs to file their annual reports starting as early as January 1.
Early filing ensures compliance and maintains good business standing, essential in leveraging the state's beneficial tax landscape.
What is the filing fee for the report?
The filing fee for the Florida annual report varies depending on the type of business you run.
Here's a breakdown of the filing fees for different business entities:
- Profit Corporation - $150.00
- Non-Profit Corporation - $61.25
- Limited Liability Company - $138.75
- Limited Partnership or Limited Liability Limited Partnership - $500.00
What is the due date for submitting the report?
In Florida, the deadline for submitting an annual report for most businesses, including LLCs, corporations, and non-profits, is May 1st each year.
If the report is filed after this date, a late fee is typically imposed.
It's important to note that this deadline is consistent annually, so businesses should plan accordingly to avoid late fees and maintain good standing with the state.
What are the penalties for not filling out the LLC Annual Report?
If you fail to submit a Florida LLC annual report on time, the Florida Department of State will be notified, and your company could face fines for not complying with state law.
If you don't file this report, you will be fined a $400 late fee.
Furthermore, if you don't submit the report by the third Friday of September, you will not be able to conduct business, and the Florida Department of State will dissolve your company.
The state will send you reminders if you submit your Articles of Organization online.
They may also send reminder notifications to your Florida Registered Agent unless you've chosen to be your own registered agent.
So, make sure to file your report along with all the legal documents on time to avoid a costly late fee and possible administrative dissolution.
Related Articles:
- How to Set Up an LLC in Florida
- Cost of Florida LLC Formation
- Why Can’t I Reinstate My Florida LLC
- How To Dissolve An LLC In Florida
FAQs
How Do I Correct a Mistake in My Filed LLC Annual Report in Florida?
If you've already filed your LLC Annual Report in Florida and need to correct a mistake, you can do so by filing an amended annual report. This can typically be done online through the Florida Division of Corporations' website.
Are New LLCs in Florida Required to File an Annual Report in Their First Year?
Yes, new LLCs in Florida are required to file an Annual Report in their first year. The first Annual Report is due in the year following the year of LLC formation. For example, if your LLC was formed in 2024, your first Annual Report would be due by May 1, 2024.
Can I Get an Extension For Filing My LLC Annual Report in Florida?
Florida does not typically grant extensions for filing LLC Annual Reports. The deadline is fixed on May 1st each year. If the report is not filed by this date, a late fee is assessed,
References:
- https://dos.fl.gov/sunbiz/manage-business/efile/annual-report/
- https://dos.myflorida.com/sunbiz/
- https://dos.myflorida.com/
