An important deadline for all business entities in Florida is fast approaching. All Florida business entities must file an annual report with the Division of Corporations by May 1st of each year. Late filings are 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. Late fees cannot be waived by the Division of Corporations.
In addition to late fees, failure to file an annual report could result in the business entity being administratively dissolved, thereby severely limiting the legal authority of the company. Although an administratively dissolved may be revived by filing for reinstatement, a reinstatement fee of up to $600.00 will apply, and all past due annual report fees (including late fees) must also be paid prior to reinstatement.
If you require assistance in filing your company’s annual report, learning the consequences of an administrative dissolution, or in understanding the steps to reinstate a business entity, contact a Florida business lawyer.