Limited Liability Companies (LLCs) in Florida are required to submit an annual report to the government. If the annual report is not submitted, the LLC may be administratively disbanded. The question of whether Florida LLC expires is raised by this. In Florida, an LLC can expire if it is not properly maintained, so the answer is yes.
An LLC that has been administratively dissolved no longer qualifies as a legitimate business entity in Florida. The business loses its limited liability protection and its name becomes available for use by others. This implies that any debts or legal actions brought against the company may be brought against the LLC’s owners individually.
It is crucial to submit the annual report and pay the associated costs on time in order to prevent administrative dissolution and keep the LLC’s legal existence. The filing fee for the majority of LLCs is $138.75, and the annual report is required by May 1st of each year.
An LLC may be possible to be resurrected if the required paperwork is submitted and any due fees are paid if the LLC has been administratively dissolved. For reinstatement, there can, however, be additional charges and penalties. It is significant to remember that an LLC cannot be revived if it has been dissolved for more than five years.
LLCs that miss the deadline to submit their annual report are subject to a $400 late fine, according to Sunbiz, the Florida Department of State’s web portal. If there was a legitimate reason for the late filing, such as a medical emergency or natural calamity, Sunbiz might in some circumstances waive the late fee. Although there is no assurance that the cost will be waived, Sunbiz reserves the right to do so.
Sunbiz can approve an LLC in a variety of times. Normally, Sunbiz processes the paperwork and approves the LLC within two to five business days. Processing times, however, could be lengthier during periods of high filing volume, such the end of the year. Planning appropriately and submitting the papers well in advance of any deadlines is crucial.
Florida LLC annual fees can be paid through Sunbiz online or by mail using a check or money order. Log into your Sunbiz account and follow the instructions to submit the yearly report and make the payment online. Send the yearly report in its entirety, along with a check or money order for the required amount, to the Florida Department of State to make your payment.
The name of an LLC becomes accessible for use if it is declared dormant or administratively dissolved. If the company name was registered as a trademark, it might still be protected. To prevent any legal complications, it is crucial to check the availability of a business name before utilizing it. To prevent consumer confusion, it’s also crucial to make sure the business name is not too similar to another already-used business name.
Yes, you can shorten the name of your business. The procedure, however, will be governed by the rules and legislation of the state in which your business is registered. In order to make sure that the procedure is carried out appropriately and lawfully, it is advised that you speak with a skilled attorney or business expert.