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.
But what actually is an annual report for LLC? What does it include? What happens if you don't file your Florida LLC annual report on time? These are the questions we will be answering in this article.
What is Florida LLC Annual Report?
The Florida annual report is a yearly report submitted by an LLC to the Florida Division of Corporations.
What does being yearly mean? It means you need to file your annual reports on time each year, before May 1, even if there are no changes in the company.
The purpose of this document is simple: it includes all the required business information about your Florida LLC. Some of the 'required' information 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)
- Date each of the managers was appointed to a company position
How Do I File an Annual Report for LLC in Florida?
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.
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.
- Business Entity Number (assigned to you by the Florida Division of Corporations)
- Employer Identification Number (EIN)
- Registered agent information
- Business entity's current email address
- LLC's filing history with the Florida Department of State, if applicable
- Signature section for authorized person/agent submitting the report
- Annual report fee
After you've completed the form, submit it online, make your payment, and you will then be all set.
Alternatively, you can file your report online at the Florida Division of Corporations' website.
What Are My Payment Options to File an Annual Report?
There are a few payment options available to a Florida LLC:
- 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, debit card, or by having a prepaid Sunbiz E-File Account.
By Mail or Courier: If you choose to pay by mail, you will need to send a payment voucher with your check or money order. You can find the payment voucher on SunBiz.org. Make sure to include your document number on the voucher.
Related Article: Best LLC Service in Florida
What Can I Change on the Annual Report?
There are a few things you can change on the LLC annual report, including:
- Name and Address of Florida Registered Agent
- Manager/Member/Partner Information
- Principal office address and a mailing address for the business entity
- Federal employer identification number
Even if there are no changes in your company information, you must file the report.
What Happens if I Don't File the Annual Report?
If you fail to submit an 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.
Does the State of Florida Require Initial Reports?
No, the State of Florida does not require new businesses to file initial reports.
What Happens if I File My Florida Annual Report After May 1?
If you've filed your annual report after May 1, a $400 penalty will be charged to your LLCs.
How Long Does It Take for My Florida Annual Report to Be Processed?
If you file your annual report online, it will be sent immediately to the state of Florida for processing. If you mail in your payment, your report will be processed in the order it was received.
How Much Does the Florida Annual Report Cost to File?
The filing fee for the Florida annual report is $138.75 for a Limited Liability Company
If My Business Has Closed, Do I Still Need to File the Annual Report?
No, you do not have to file the annual report if the firm has folded.
What Is an Annual Report for a Florida LLC?
An annual report for an LLC in Florida is an important document because it provides information about your company's financial activities, and it shows the state that you are complying with their reporting requirements and paying all taxes, fees, or penalties owed to them.
If you do not file this report on time, you may face a $400 late fine and even risk the dissolution of your company.
To avoid costly consequences of noncompliance, make sure to file your report before May 1 and seek out legal advice if you have any doubts.