Frequently Asked Questions

What are the requirements and consequences for submitting annual reports in Florida?

In Florida, the requirements for submitting annual reports for a Limited Liability Company (LLC) involve filing a document with the Secretary of State by May 1 every year. This document, known as the annual report, should include basic information about the business such as the official legal name, office address, registered agent information, and a list of members, managers, directors, or officers. If a business fails to submit this report by the stated deadline, it is subject to a $400 fine. This fine, along with the annual report, must be submitted by the third week of September to avoid administrative dissolution. The consequences of not submitting the annual report in Florida are severe. If a business entity is administratively dissolved, it continues to exist but is not allowed to conduct business except to liquidate assets and notify creditors. Furthermore, an officer, agent, or director will be held personally responsible for outstanding business debts and obligations. However, if the business entity complies with the legal requirements and pays the outstanding penalties and fees, it can be reinstated to good standing. It's important to note that in Florida, if an LLC has been administratively dissolved for more than a year, its name can be used by another company.