Frequently Asked Questions

What happens to a business entity that has been administratively dissolved for more than a year in Florida?

In Florida, when a business entity such as a Limited Liability Company (LLC) has been administratively dissolved for more than a year, it continues to exist but is not permitted to conduct business except to liquidate assets and notify creditors. This is a consequence of failing to comply with state regulations, such as not submitting the required annual reports to the Secretary of State by the stipulated deadline, or not paying the necessary fees. The administrative dissolution of a business entity in Florida also has significant implications for the officers, agents, or directors of the company. They can be held personally responsible for any outstanding business debts and obligations. This means that they could potentially face personal financial loss if the company's debts are not paid. Furthermore, if a Florida LLC has been administratively dissolved for more than a year, its name can be used by another company. This could potentially lead to confusion among customers and clients, and could also have implications for the company's brand and reputation.