The objective of the annual report is three-fold. The annual report keeps the Government informed about all the updates, communicates about all the modifications or changes, & keeps the LLC members informed about the necessary taxes and costs. This article has all the information about Florida LLC Annual Report filing in Florida.
An annual report can be called an address book, as it features all the relevant addresses of the company & the members. This yearly report is a record of all the company’s activities in an entire year. It is also referred to as the Annual Franchise Tax Report because it helps in filing the franchise tax.
On this page, you’ll learn about the following:
- Contents of the Annual Report
- Florida LLC Annual Report
- Does the State of Florida Require an Annual Report Filing?
- Why Do LLCs Have to File the Annual Report?
- How to File a Florida LLC Annual Report
- Seek the Help of a Registered Agent
Contents of the Annual Report
Typically the annual report filed by a Florida LLC (or any other business entity for that matter) will include all the information related to its business & members. The standard contents of the annual report or the annual franchise tax report are
- Office Address of the LLC
- Names & Addresses of the Members & managers.
- Identification Documents
- Social Security numbers of the key members of LLC
- The objective of the business of LLC
- List of all the signatories of the LLC
- Information of the registered agent, if any
Florida LLC Annual Report
Similar to many states in the US, LLCs in Florida have to file an Annual Report in Florida. The Annual Report allows the Department of State to track the changes in the company’s addresses or any new appointments of members. Filing the Annual Report is an essential rule for all types of business entities, including Corporations, LLCs, & Non-profit Organisations operating in Florida.
Does the State of Florida Require an Annual Report Filing?
In the State of Florida, it is mandatory for all Business Entities to file an Annual Report. This includes all the legal entities such as C Corporations, Limited Partnerships, Limited Liability Companies, bound to file the Annual Report.
Annual Report Deadline
As mentioned above, filing the Annual report is a mandatory requirement even for an LLC. An LLC operating in Florida has to file the Annual report with the Florida Department of State between January 1st & May 1st every year. The annual reports are filed with the Florida Department of State’s Sunbiz website.
Penalties for Non-filing or late filing
An Annual Report is one of the important documents filed by an LLC. The Florida Department of state can charge a $400 fine for late filing & there are no exceptions allowed. If a Florida LLC fails to file the annual report by the third Friday of September, it might result in the dissolution of that LLC.
Why Do LLCs Have to File the Annual Report?
Some of the states are not required to file this yearly report, commonly known as the Annual Report. However, there are some reasons why states should file an LLC Annual Report. Here are some reasons,
To Maintain the Accuracy of the Information
An annual report filed by the LLC has all the updated information about its official addresses & the names or addresses of all its officials. This updated information allows the State authorities to track down any LLC when communicating.
To Provide the Correct Correspondence
Many times, any creditor or other entity willing to transact with the LLC requires the correct correspondence address. If this information (which can only be modified with the help of an annual report) is not updated every year, such entities will not be able to communicate with them.
To Notify the Government About All the Significant Changes
If you have changed your main business address or had new business appointments of managers or members, the annual public information report notifies the State Government Entities about it. So, the next time someone questions a newer reform that you have introduced in your LLC, you will be saved because you had submitted the information with the Government.
To Provide an Activity Log of an LLC
The Annual Report is like an activity log of the LLC. It brings on record; all the transactions, new associations, appointments, etc. & keeps those records intact for all future references.
To Help You With the One-time Filing of Taxes
The annual report is an excellent means to keep you on your toes in case of your dues payment. Every LLC must pay the taxes through the annual report filing. By filing the report on time, the LLC can manage the exemptions & can avoid penalties imposed by the Government.
To Enable the State to Track the Payments
The government authorities use all the information filed through the annual report, for tracking the payment of State Taxes.
How to File a Florida LLC Annual Report
In Florida, the Annual report can be filed online only. An LLC operating in Florida has to file the Annual report with the Florida Department of State between January 1st & May 1st every year. The annual reports are filed with the Florida Department of State’s Sunbiz website.
Steps to File Florida LLC Annual Report Online
Time needed: 5 minutes.
Below is the procedure to file the Florida LLC Annual Report online.
- Visit Florida Department of State’s Official Website.
Your first step in filing the Florida Annual Report is to visit the Florida Department of State’s official website & click on the tab titled Corporations tab.
- Click on the “Manage or Change Existing Business” tab.
Once you click on the Corporations tab, you can see a toolbar with various options, just below the logo of the State of Florida’s website. Click on the Manage or Change Existing Business tab.
- Choose File Annual Report in the drop-down menu.
When you move a cursor on the Manage/Change Existing Business tab, a drop-down menu will appear. Choose the File Annual Report option in the list.
- Click the “Click here to file your annual report” button.
When you click on the File Annual Report link, you will be directed to the filing page. Scroll down to click on the button: “Click here to file your 2022 annual report.”
- Enter the 12 digit document number.
On the “File Annual Report” page, you will see a box below the text document number. Enter your 12 digit document number in that box & click on submit.
- File the annual report with required documents.
After submitting the document number; you automatically start your filing procedure. Fill in all the information accurately & file the annual report along with the required documents.
Florida LLC Annual Report (Domestic & Foreign)
|State Office:||Florida Secretary of State, The Centre of Tallahassee 2415 N. Monroe Street, Suite 810, Tallahassee, FL 32303|
Links to Website
|Due Date:||Every year, between January 1st & May 1st.|
|Filing Fee:||The Online filing fee of the Florida LLC’s Annual Report is $138.75.|
|Penalty:||An Annual Report is one of the important documents filed by an LLC. The Florida Department of state can charge a $400 fine for late filing & there are no exceptions allowed. If a Florida LLC fails to file the annual report by the third Friday of September, it might result in the dissolution of that LLC.|
|Filing Method:||An LLC can file the Annual Report Online only.|
|Forms:||Florida Annual Report can only be filed through an online mode, so there are no downloadable forms or links to file the report in person or by mail.|
|Important Information:||Once a Domestic or Foreign Florida Limited Liability Company submits the Annual Report along with the prescribed fees to the Florida Department of State, the filing is said to be complete.|
How Fast Can I Fill Florida LLC Annual Report
Deadline for filing annual reports in Florida is May 1. Failing to do so, a penalty of $400 is to be imposed.
When you’re a Florida LLC owner, you need to know how to fill out your annual report in a timely fashion. The state has deadlines for filing that vary based on the amount of sales tax you collect. Missing them will result in a forfeiture of your business status. Reinstating your business status can be a lengthy and expensive process.
To avoid this penalty, you should file your report as soon as possible. The Department of State can revoke your LLC’s legal status and charge you a $400 fine if you miss the deadline. Fortunately, filing your annual report is easy and should take no more than a few minutes. Make sure you read all instructions carefully and consult with an attorney if you have any questions.
To begin the process, you’ll need to visit the official website of the Florida Department of State. Once there, click on Corporations. From there, click on the “Manage or Change Existing Business” tab. From here, you’ll see several options that include File Annual Report.
Filing an annual report is a legal requirement for every Florida LLC. It keeps the Government informed of company activities and provides the owners with information they need to file franchise taxes. The state requires the annual report be filed online between January and May each year. You’ll also need to include the members’ addresses.
Filing an annual report is essential for a Florida LLC to maintain its status. Failure to do so will result in a $400 late fee and the business being administratively dissolved by the Department of State. Alternatively, your LLC can choose to pay all outstanding fees and file all remaining reports.
If you’re a Florida LLC owner and have employees, you need to file for an employer identification number. This will save you time and prevent any embarrassing questions. Additionally, the annual report serves as a detailed activity log for your LLC. It records all transactions, new associations and appointments.
It’s a good idea to designate a registered agent if you’re a Florida business owner. Your registered agent should have a physical address in the state. Many businesses use an online legal service to act as their registered agent. A registered agent will make it easier for you to do business in the state.
Seek the Help of a Registered Agent
Every State will have a different rule for filing the Annual Report. Usually, it is submitted every year, but it is submitted once in two years in some states. Some states require the filing of the report only once in ten years.
Not only the timing, the mode of filing, the proper addresses, exemptions, legality, annual report compliance, etc., have to be taken care of while paying the taxes or filing any reports with the State authorities. In many such scenarios, it is advised that an LLC appoints a Registered Agent to manage all this. Check out the best LLC service that offers all the services at an affordable price. An experienced agent is required for:
- Streamlining the mandatory processes & filing.
- Sending or receiving any documents.
- Reminding you about important dates of filing or payment of taxes.
- Simplifying the filing procedures.
- Avoid any penalties.
- Flexibility in working.
- Maintaining Privacy (as it keeps your personal records off the public record)
You can read more about a Florida Registered Agent here.
Yes, an annual report is essential for every business entity in most states. Some states also ask to file biennial or decennial reports to be filed.
A Yearly Business Report or the annual report typically incorporates the address of the business, names & addresses of the members, a list of all the signatories, SSN of the members, & details of the registered agent.
A Registered Agent is well-aware of all the filing requirements, annual report filing fee, & overall Annual Report compliance. The knowledge & proficiency of the registered agent allows the smooth filing of reports & other fees.
The most important thing for filing an Annual Report is record keeping. Make sure that you document every other transaction well.
Yes, the fees may vary depending on the type of entity or the type of legal entity you are representing.
In conclusion, we can see that the annual report – which is also called the Franchise Tax Public Information Report is much easy to be filed. However, it is mandatory to file the report on time to avoid any penalties. If you are running an LLC in the state of Florida, you have to comply with the filing of certain important documents including the annual report or the Franchise Tax Public Information Report as it is named in the state of Florida.
It is also important to note that once this Public Information Report is filed with the Comptroller of Public Accounts, there is no need for additional filing with the secretary of state.