Alexander Abramson PLLC - April 2020

Your Business Matters AlexanderAbramson.com • (407) 649-7777 April 2020

Your Yearly Reminder

The Florida Annual Report Is Due Soon

First things first, I want to begin by welcoming Arelys Carballo to our firm! We’ll have her full introduction up on our website so readers can learn more about her and her contributions to the team. But for now, we’ll just say that Ms. Carballo is a third-year law student at FAMU, and a talented corporate paralegal. She’ll be handling many of the day-to-day corporate filings and governance issues for clients. Included in her purview is some critical paperwork that all businesses operating in Florida must submit next month. On May 1, all business entities formed or qualified to transact business in Florida will be required to submit their Annual Report to the Florida Division of Corporations. Again, whether your company was incorporated in this state or elsewhere, if your business can perform transactions in Florida, you need to file this report by May 1. Thankfully, there are clear guidelines on what you need to include. The Florida Annual Report can be filled out and submitted online through Sunbiz.org. You’ll need to provide basic information about your business, such as its legal name, registered agent, and mailing address. You’ll also be asked to enter your document number, which can be found on your report from the previous year. After confirming this information, you’ll need to review

and update certain facts about your business.

This is your chance to update records like the names and addresses of company officers, directors, managers, authorized members, and partners. You can also change your registered agent, the registered office address, principal office address, mailing address, and federal employer identification number. However, you cannot change the name of your business; doing so requires filing a separate form with the state. I know this sounds like a lot to update, but doing so is vitally important. Any changes to your business in the past year that you forget to include in your Annual Report will need to be amended — a filing process that comes with an additional fee. If you fail to make this vital filing by May 1, it’s going to cost you. For starters, you’ll incur a $400 late fee. You will then be given until the third Friday of September to file. If you miss this deadline, Florida will administratively dissolve your business entity the following Friday. If you attempt to transact business while your corporation or LLC is dissolved, you and your personal assets will no longer be shielded from liability. Making any transactions during this period puts you and your finances at significant risk. Yes, you can have your

business reinstated, but you’ll have to pay a reinstatement fee on top of the fees for the Annual Report. When you consider how quickly the fees can add up and the ultimate consequences, it is far easier and less expensive to file this report by the May 1 deadline. Paperwork like this is far from the flashiest part of being a business owner, but it is nonetheless understand that this time of year can be busy for business owners, and it’s easy to let something like the Annual Report slip through the cracks. This is one reason we offer our Corporate Veil Program — we ensure these sorts of filings are made on time on your behalf. If you need help with your Annual Report, give us a ring at 407- 649-777, or visit bit.ly/corporate-veil. essential to good corporate governance. However, we also

–Ed Alexander

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