Filing your annual report each year keeps your business active with the Department of State, Division of Corporations for another year. Every business formed prior to 2011 must file their annual report by May 1st. If a report is filed late, an additional $400 penalty is levied to the standard fees.
The standard fees are $150 for a Corporation and $138.75 for a Limited Liability Company. If you wait until after May 1st, that means the fees are $550 and $538.75 respectively. In the past, there was a ‘loophole’ that could sometimes allow you to avoid the penalty when filing late. That loophole was removed last year, so ALL late filings must pay the $400 late fee. It’s definitely not worth waiting!
When filing your annual report, this is the time to make necessary changes. Update your company address, registered agent and manager/officer information. Be sure to check your spelling. If information is mistyped, an amendment must be filed which is an additional $35.
To clarify, this is NOT your license renewal. Your license is up for renewal in August of every EVEN numbered year. This is to keep your business active and retain your business name with the Department of State. If you have any confusion on this matter you know who to ask!
Filings are done online at www.sunbiz.org, but as always the gals at Licenses, Etc. would be happy to take this task off your hands! Give us a call and we will make sure it is done correctly and on time!