If you own a business that is registered to operate within the state of Florida, then by the 1st May every year, you’ll be required to complete a Florida Annual Report with the Secretary of State. If you’ve never had to file one before, or didn’t even know such a thing existed, then the following guide is for you:
What is the Florida Annual Business Report?
So that the Florida Secretary of State can ensure businesses are active and authorized to be operating there, all companies must file an annual report to update their information. Doing so also enables the public to know who your authorized officers, directors and managers are.
Not an ownership listing, the Florida Annual Report doesn’t require that you disclose any financial information or details about owners, stockholders, partners and investors, publicly.
Watch out for illegitimate letters!
Many companies try impersonating the Florida Secretary of State, and try to trick you into paying them to do something that you can quite easily do yourself. If you’re unable to file the annual report yourself, or simply don’t want to, then reach out to an entity management expert, who will legitimately do it for you.
If you receive an email with regards to filing the annual report and are not entirely sure whether it’s actually from the Florida Secretary of State, you can easily verify it on their official website.
How much does the annual report cost?
For up-to-date pricing related to your particular business structure, contact the Florida Secretary of State directly or seek advice and guidance from an entity management specialist. As a rough guide, nonprofit corporations are priced at around $61.00, while limited and limited liability partnerships cost $500.00, other categories of business fall in-between that range.
When does the report have to be filed?
By the 1st May every year; a $400 penalty applies for late filing, although this is waived for non-profit corporations.
How do I file the report?
Simply visit the Sunbiz file annual report website and follow the instructions on the screen after entering your document number. It’s recommended that you revisit the site several days after filing to verify the report.
Do I still need to file a report if my business has closed?
You’ll need to work with a reputable entity management company to dissolve or withdraw your business if it has closed; doing so ensures that the correct procedures are followed, and that you’re always compliant with the relevant laws.
Can changes be made to the report once it has been filed?
Under such circumstances that perhaps a manager or partner has left then business, then you’ll need to file an amended annual report; unfortunately, there is a fee associated with this.
While the process of filing your Florida Annual Business Report is straightforward enough, you can (and should) seek help from a professional entity management expert if you’re unsure about any aspect of it, or simply wish to talk about any other element of your business with someone in the know.