After the formation of a Florida LLC, you must maintain your status by taking care of annual reports and other required filings. Failing to submit the annual report can lead to fines, penalties, or even dissolution of your LLC in severe cases.
Understanding the Annual Report
Florida reports are simple filings that all LLCs must complete each year. This report requires a fee of $138.75 as well as updating the information regarding your LLC. The most important piece of information to update in the report is the contact information of the company's registered agent. The legal requirement of an annual report ensures that anyone who needs to contact your LLC, such as a creditor, will be able to do so. Additionally, the government will utilize the information for state tax tracking.
Because the state of Florida wants all LLCs to file their annual reports and update their information, the state makes it easy to do so. You can do so via the website of the Department of State. Keep in mind that you should have the state identification number of your LLC handy when filing. This number should be on past paperwork. It is also in the state's search for business entities if you cannot find it.
The annual report in Florida is due every May 1. You do not need to file one within the calendar year that you formed your LLC. This is true whether you form in January, December, or in between.
Failing to submit the annual report on time is a costly mistake you do not want to make. Be aware of the late filing fee of $400. While this fee is high, it is better to pay it than avoid filing your report. If you have not submitted the annual report before the third week of September, the state will dissolve your LLC.
If you prefer not to file your annual report yourself, you can have your registered agent take care of it. This is a convenient way of ensuring you do not miss the deadline, so you can avoid consequences. Your registered agent will let you know when the report's due date is approaching. Most will charge a small additional fee to file the report for you.
In addition to their ability to file for you, registered agents can provide convenience to your Florida company. They will be able to send as well as receive documents for the LLC, doing so during normal business hours. This means that you will not be required to be at a specific location between 9 a.m. and 5 p.m. every day. Registered agents can also improve privacy for LLCs as you can use their contact information on your annual reports and initial filings, instead of your own. They even preserve privacy in the case of a lawsuit as customers will not see you being served at your business location; your registered agent will receive the document.
Whether or not you use the services of your registered agent, be sure not to miss filing your LLC's annual report.