An annual report is simply a document, filed with the state, that contains a variety of information about a given business. Its purpose is to ensure that certain vital information about businesses is available to the general public, stakeholders, analysts, and others who have a valid reason to access this data. It is required by most states, including Florida.
As the name suggests, an annual report generally must be filed every year, even if there are no changes to report, in order for a business to maintain active status with the state in which the organization is registered.
Where and When to File an Annual Report
Each state has its own requirements and procedures that businesses must follow when filling out and submitting their annual report, and it should not be assumed that the rules that apply to one state are applicable to another. Businesses that are registered in Florida must be sure to follow the procedure laid out by the Florida Department of State.
In Florida, the requirement to file an annual report applies to profit corporations, non-profit corporations, limited liability companies, limited partnerships, and limited liability limited partnerships. Businesses must file an annual report by May 1 of each year, or else they will incur a $400 late fee. (Note: Non-profit corporations are exempt from the late fee.)
What Happens If You Don’t File an Annual Report?
If the report is not filed by the third Friday in September, the business entity will be administratively dissolved or revoked. Businesses that are dissolved or revoked can be reinstated by submitting an application and paying the fees.
An annual report in Florida does not include a financial statement. It just involves basic business information such as main office address, current principals, and related data. However, it is important to send accurate information to the state of Florida, so be sure to take a few minutes to prepare before accessing the online form. The following infographic from FastFilings will show you how to get ready to file your Florida annual report.
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