A new year means it’s once again time to dust off the corporate records book, file your annual reports with the state of Florida and evaluate whether your business is structured to provide you the highest level of asset protection and tax efficiency possible. Make sure you are actively reviewing your corporate structure to ensure it best fits your needs and complete the necessary corporate filings. If you haven’t already done so, you should file your annual report with the state of Florida by May 1 as there are a host of penalties associated with not filing.
Any late filings immediately incur a non-waivable $400 late fee. Additionally, the state will administratively dissolve any entity that hasn’t filed their report by September 27, 2019. Administrative dissolution eliminates your personal liability protections for debt and judgments after September 27.
Additionally, you won’t be able to get a certificate of status from the state which is often required for bank loans or transactions with certain companies or government contracts. Filing your annual report is a simple process that merely updates certain information with the state. It does not include any financial information. Let us here at Cotney Construction Law know if we can assist in getting your annual report filed.
Author’s note: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation. Regulations and laws may vary depending on your location. Consult with a licensed attorney in your area if you wish to obtain legal advice and/or counsel for a particular legal issue.