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.
- 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 to maintain their active status and contribute to the state's economic health
- I always remind my clients that the main purpose of the annual report is for the LLC to show its active status.
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.
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
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.
1. Online
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 we completed the form, we submitted it online, made your payment, and we 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
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 2023, 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/