If you have incorporated in Florida or formed an LLC in Florida, your deadline for filing your Annual Report is May 1, 2021. Here are 7 facts that you need to know to ensure that your corporation or LLC remains compliant in the state of Florida.

Fact 1: You Must File an Annual Report Whether Your Business Has Changed or Not

While the purpose of the Annual Report is to ensure that the Florida Department of State, Division of Corporations has your company’s most updated information, you still have to file the document, even if you have no changes since last year.

Fact 2: You Can Change Several Types of Information

Whether you file your Annual Report online or let CorpNet file your Annual Report, there are several things you can tweak on it, including:

  • 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.

Fact 3: You Cannot Change Your Business Entity’s Name on the Annual Report

You need to first file an amendment to change your business name with the state of Florida by mail.

Fact 4: The Cost for the Annual Report Changes, Depending on the Business Structure

The fee for each type of business structure to file an Annual Report is as follows:

  • For-profit corporation: $150
  • Nonprofit corporation: $61.25
  • Limited Liability Company (LLC): $138.75
  • Limited Partnership (LP) or Limited Liability Limited Partnership )LLP): $500

Fact 5: The State of Florida Charges a Late Penalty

If you miss the May 1 deadline for filing your annual report, you will have to pay a $400 late fee, whether you’re a for-profit corporation, an LLC, an LP, or an LLLP. Nonprofit corporations do not have to pay this late fee.

Fact 6: Not Filing Your Annual Report Has Consequences

The state of Florida gives you until the third Friday of September to file your Annual Report. If you don’t, the state will dissolve or revoke your business entity, and then you have to apply to reinstate the entity. The lesson here is don’t put it off! It costs you time and money.

Fact 7: If Your Business is Closed, You Don’t Need to File an Annual Report

You do, however, need to take the necessary measures to dissolve or withdraw your corporation or LLC so that the state of Florida knows your business is no longer functioning. CorpNet can help process your articles of dissolution.

The important takeaway from these points is that it’s essential that you file your Annual Report by that May 1 deadline to avoid a hefty late fee and keep your company in compliance with the state of Florida.