Why Should I File an Annual Report?



Video Summary

Why should I file an annual report?  Well annual reports are, I believe, due on the first of May and you file those in conjunction with your LLC or your corporation.  It’s a revenue generator for the state of Florida, so you must file an annual report and pay the $150.00 fee.  If you don’t pay it and you want to keep your corporate existence in effect the reinstatement fee is something like $450.00 or $460.00, so the penalty is rather severe.  If you don’t pay the fee, then your corporation or LLC will be administratively dissolved by the Secretary of State. 

The other purpose in filing the annual report is it’s a resource that banks or other people use in dealing with an LLC or corporation to see who the resident agent is, see who the officers are or managing members of an LLC. So if you went to open up a bank account well then they would check with the secretary of state to see who the officers are. 

So, these are very good reasons why you need to file your annual report every year-  because you are going to get dissolved if you don’t and it’s also a resource for people to know who they need to contact in the event that they want to deal with a corporation and verify who the officers of the corporation are, or members of the LLC are.  So if you have any questions or need to have your annual report filed give me a call at (727) 847-2288.