All Florida business entities must file an annual report with the Division of Corporations by May 1st of each year. The deadline for 2010 has of course passed, so late filings are now subject to a late fee of $400.00 in addition to the regular filing fee, which is currently $150.00 for corporations and $138.75 for limited liability companies. While this is old news, there has been a recent development with respect to the late fees: a 2010 legislative change has repealed the authority of the Division of Corporations to waive the late fee. Accordingly, all companies, except non-profit corporations, that have not filed their 2010 annual reports will now be required to pay the late fee.
Note that it is important to file, even if late, to avoid being administratively dissolved. Typically in September of each year the Division will dissolve all companies which have not filed their annual report. To revive a company after dissolution requires an additional reinstatement fee of up to $600.00; failure to reinstate limits the legal authority of the company to certain statutory powers which essentially only allow the company to wind down or liquidate.
If you require assistance in filing your company’s annual report or in understanding the steps to reinstate a business entity, contact a Florida business lawyer.