Renewing your business entity status is crucial to maintain the legal status and operational continuity of your business. As a corporate lawyer and small business owner, I want to share some information that will help you renew your LLC in Florida this year (and every year) and offer a few insider tips to make the process go more smoothly.
Which Businesses Need to File an Annual Report in Florida?
All businesses registered as Limited Liability Corporations (LLCs), corporations, or partnerships are required to file annual reports to remain in good standing in the State of Florida. Note: Annual report filing is required, even if you do not need to make any changes.
Each year, your entity must file forms, pay business fees, and comply with the naming and operational requirements set forth by the Florida Division of Corporations.
How Much Does It Cost to Renew an LLC in Florida?
A fee of $138.75 is due at the time of filing the annual report for your Florida LLC. However, if you don’t file by the deadline, the State of Florida imposes a fine of $400.
The other entity types, corporation and partnerships, have different renewal fees. Check Sunbiz.org for the most current information.
When Is the Deadline to Renew a Florida LLC?
The due date to file annual reports for Florida business entities is April 30, but I recommend that all business owners complete this task as soon as possible. If your business hasn’t undergone significant changes, you may be able to renew quickly and easily online.
However, many LLC operators begin the process only to discover that there have been major changes since the previous filing. You might need to change your organization’s structure, submit new documentation, renew certifications, or form a new LLC—all of which can delay filing by several weeks.
How Do I File a Florida Business Annual Report?
Annual reports can be sent electronically to the Florida Division of Corporations at Sunbiz.org. The report should confirm the details of your LLC and update any information that is no longer accurate.
Sunbiz requires the following information to renew an LLC in Florida:
- The LLC name
- The Employer Identification Number (EIN) or Tax ID Number
- Your LLC’s mailing address
- The physical business location of your LLC
- The name and details of your Registered Agent
- Contact information of the LLC’s members and managers
What happens if I don’t renew my LLC?
If you do not file your annual report by September, your business entity may become inactive or administratively dissolved by the State of Florida. If you want to reinstate your businesses, you will have to pay late penalties and may be subject to additional reinstatement fees.
Also, if your business is dissolved, even administratively, it can only take action to wind up its business. A dissolved business might cause you to be in default of loan or credit line covenants, or perhaps your commercial lease.
Now Is the Time to Renew Your Florida LLC!
It’s worth noting that an annual report is only one of many mandatory reporting requirements for Florida business. As of 2024, businesses are also subject to Beneficial Ownership reporting under the Corporate Transparency Act. Depending on the nature of your businesses, you could be at risk of running afoul of the law simply because you aren’t aware of your liability.
It generally is better to involve an attorney to ensure your business is compliant with state and federal laws. In fact, the earlier you involve a business lawyer, the less you will lose to late fees, fines, and other costs of noncompliance.
If you have any questions about renewing an LLC in Florida, forming a new business entity, or restructuring your corporation, we can help. Email us at hello@yolofskylaw.com today or schedule a 15-minute call to get answers to your questions.