Every year, Florida residents who own limited liability companies (LLCs) must renew their registration with the state. Although the renewal procedure is straightforward, it is crucial to follow it to prevent late fees and possible penalties. This post will go through the procedures for renewing your Florida LLC as well as the prerequisites for submitting an annual report. Florida LLC Renewal Procedures
In Florida, you need to submit an annual report to the state in order to renew your LLC. You can submit the annual report online via the Florida Division of Corporations website by May 1st of each year. The annual report filing fee is $138.75. The annual report is not a tax return and does not necessitate paying taxes, it is crucial to remember this.
A $400 late fee will be charged by the state of Florida if your yearly report is not submitted by May 1st. The state will administratively terminate your LLC if you still don’t file by September 1. As a result, your LLC will no longer be officially registered with the state, and you will no longer enjoy the liability protection that an LLC provides. What Must Be Included in an Annual Report? The following details need to included in your Florida LLC’s annual report:
1. Your LLC’s name
2. Your LLC’s Florida Department of State document number
3. The date your LLC was created
4. Your LLC’s postal address
5. Your LLC’s registered agent’s name and address
6. The names and addresses of all of your LLC’s members or managers
When ought an annual report to be released? Publishing an LLC’s financial statements is not the same as releasing an annual report. An annual report is a record submitted to the state; publication is not necessary. However, if your LLC is a corporation (rather than a partnership or sole proprietorship), you might need to publish an annual financial statement in a newspaper in the county where your company is located. Florida Statute 607.1622 specifies this criterion.
The state of Florida does not audit annual reports for LLCs. In the event that the Internal Revenue Service (IRS) audits your LLC, it is crucial to maintain correct financial records.
A member or management of your Florida LLC is required to submit the annual report. A registered agent service can submit the yearly report on your behalf if that’s what you’d want.
In Florida, renewing your LLC is a simple process that just submitting an annual report to the state. Your LLC’s fundamental information must be included in the annual report, which is due by May 1st each year. If you don’t submit the annual report, your LLC could be administratively dissolved or you could be charged late costs. In the event that you are ever subject to an IRS audit, it is crucial to maintain correct financial records for your LLC.