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The objective of the annual report is threefold. The annual report keeps the Government informed about all updates, communicates any modifications or changes, & keeps the LLC members informed about the necessary taxes and costs. This article has all the information about the Florida LLC Annual Report filing in Florida.
An annual report can be called an address book, as it features all the relevant addresses of the company & the members. This annual report is a comprehensive record of the company’s activities for the entire year. It is also referred to as the Annual Franchise Tax Report, as it facilitates the filing of the franchise tax.
Content of the Annual Report
Typically, the annual report filed by a Florida LLC (or any other business entity, for that matter) will include all the information related to its business & members. The standard contents of the annual report or the annual franchise tax report are
- Office Address of the LLC
- Names & Addresses of the Members & managers.
- Identification Documents
- Social Security numbers of the key members of the LLC
- The objective of the business of the LLC
- List of all the signatories of the LLC
- Information of the registered agent, if any
LLC Tax Update: Before you file your LLC annual report in Florida, make sure to pay all the tax dues for the year.
Florida LLC Annual Report
Similar to many states in the US, LLCs in Florida are required to file an annual report with the state. The Annual Report enables the Department of State to monitor changes in the company’s addresses and any new appointments of members. Filing the Annual Report is an essential rule for all types of business entities, including Corporations, LLCs, & Non-profit Organisations operating in Florida. Note that the LLC Annual Report is not the same as the Certificate of Status in Florida.
Does the State of Florida Require an Annual Report Filing?
In the State of Florida, it is mandatory for all Business Entities to file an Annual Report. This includes all the legal entities, such as C Corporations, Limited Partnerships, and Limited Liability Companies, that are bound to file the Annual Report.
How to File a Florida LLC Annual Report
In Florida, the Annual report can be filed online only. An LLC operating in Florida must file its Annual Report with the Florida Department of State between January 1st & May 1st every year. The annual reports are filed with the Florida Department of State’s Sunbiz website.
In Florida, annual reports can be filed with the Secretary of State online by following a few simple steps.
- Step 1: Visit the Florida Department of State’s official website & click on the tab titled “Corporations tab.“
- Step 2: Once you click on the Corporations tab, you can see a toolbar with various options, just below the logo of the State of Florida’s website. Click on the Manage or Change Existing Business tab.
- Step 3: When you move the cursor on the Manage/Change Existing Business tab, a drop-down menu will appear. Choose the File Annual Report option in the list.
- Step 4: When you click on the File Annual Report link, you will be directed to the filing page. Scroll down to click on the button: “Click here to file your 2025 annual report.”
- Step 5: On the “File Annual Report” page, you will see a box below the text document number. Enter your 12-digit document number in the box & click Submit.
- Step 6: After submitting the document number, your filing procedure will automatically begin. Fill in all the information accurately & file the annual report along with the required documents.
Florida LLC Annual Report (Domestic & Foreign)
| State Office: | Florida Secretary of State, The Centre of Tallahassee 2415 N. Monroe Street, Suite 810, Tallahassee, FL 32303 Links to Website |
| Due Date: | Every year, between January 1st & May 1st. |
| Filing Fee: | The Online filing fee for the Florida LLC’s Annual Report is $138.75. |
| Penalty: | An Annual Report is one of the important documents filed by an LLC. The Florida Department of state can charge a $400 fine for late filing & there are no exceptions allowed. If a Florida LLC fails to file the annual report by the third Friday of September, it might result in the dissolution of that LLC. |
| Filing Method: | An LLC can file the Annual Report Online only. |
| Forms: | The Florida Annual Report can only be filed online, so there are no downloadable forms or links to file the report in person or by mail. |
| Important Information: | Once a Domestic or Foreign Florida Limited Liability Company submits the Annual Report along with the prescribed fees to the Florida Department of State, the filing is said to be complete. |
Annual Report Deadline
As mentioned above, filing the Annual report is a mandatory requirement even for an LLC. An LLC operating in Florida must file its Annual Report with the Florida Department of State between January 1st & May 1st every year. The annual reports are filed with the Florida Department of State’s Sunbiz website.
Penalties for Non-filing or late filing
An Annual Report is one of the important documents filed by an LLC. The Florida Department of State can charge a $400 fine for late filing & there are no exceptions allowed. If a Florida LLC fails to file the annual report by the third Friday of September, it might result in the dissolution of that LLC.
Tax Structure in Florida LLC
For an LLC in Florida, the tax structure is very simple and flexible. First of all, every LLC has the advantage of a pass-through taxation. On the other hand, an LLC can choose the desired tax structure at the time of formation. There are two ways an LLC can be taxed,
Default Status:
When filing your LLC in Florida, entrepreneurs have the opportunity to select a desirable tax structure. If they do not choose a specific structure, the LLC will be taxed under the ‘Default Status’. That means the tax will be levied based on the number of LLC members.
For a single-member LLC, it is considered a ‘disregarded entity’. This means that a single-member LLC does not have to file a federal income tax return, but the individual (or the LLC member) must file it personally. In the case of a single-member LLC, it is treated as a sole proprietorship.
In the case of a multi-member LLC, it is considered a partnership for tax purposes. Hence, the default status for a multi-member LLC is a partnership firm. LLCs are required to file a separate ‘partnership form’ with the IRS.
LLCs with Spouses: There are specific states (like California) where starting an LLC with a spouse is considered a single-member LLC instead of a partnership or multi-member LLC. In such cases, both husband and wife will be liable to pay taxes
Elective Status:
For an elective status, the LLC can choose the tax structure while filing the formation documents. LLCs in Florida should file a separate tax form if they do not wish to be taxed by default. Many LLCs choose to be taxed as a corporation to enjoy corporate benefits, especially if the LLC is large.
LLCs can choose between S-Corp and C-Corp tax status when filing the formation document in Florida. In that case, the concerned LLC needs to submit a separate form for each type it chooses. For the S-Corp type, Form 2553 must be submitted; for the C-Corp type, Form 8832 must be submitted.
In Florida, there may be local taxes (inquire with the local government body for details) that LLCs must pay to be updated. Make sure to pay and update your tax dues before you file your annual report in Florida.
Annual Report vs Certificate of Status in Florida
The Certificate of Status is a legal document that certifies that an LLC in Florida is in good standing and compliant with all applicable laws. That includes an updated annual report as well. While Annual Reports show if your company is up to date.
They are both similar documents (although not identical) and serve as proof of the company’s good standing. The Annual Report is a domestic document, whereas the Certificate of Status in Florida is a mandatory document if the LLC is going beyond the home state to a foreign state. There are several ways to obtain a Certificate of Status in the state of Florida.
In Florida, you must request a Certificate of Status through the online portal. You can order the Certificate of Status by visiting the link. A filing fee of $5 must be paid to the SOS to obtain the Certificate of Status. The amount might be more depending on the number of copies you request. If you request additional copies of documents, you may incur an additional fee.
Order Certificate of Status:
- Online application: Order Certificate of Status
- Offline application: Not available
- Fees: $5
Why Do LLCs Have to File the Annual Report?
Some states are not required to file this yearly report, commonly referred to as the Annual Report. However, there are several reasons why states require an LLC Annual Report. Here are some reasons,
To Maintain the Accuracy of the Information
An annual report filed by the LLC has all the updated information about its official addresses & the names or addresses of all its officials. This updated information enables state authorities to track down any LLC when communicating.
To Provide the Correct Correspondence
Many times, any creditor or other entity willing to transact with the LLC requires the correct correspondence address. If this information (which can only be modified with the help of an annual report) is not updated every year, such entities will not be able to communicate with them.
To Notify the Government About All the Significant Changes
If you have changed your main business address or had new business appointments of managers or members, the annual public information report notifies the State Government Entities about it. So, the next time someone questions a newer reform that you have introduced in your LLC, you will be saved because you had submitted the information to the Government.
To Provide an Activity Log of an LLC
The Annual Report is like an activity log of the LLC. It brings on record all the transactions, new associations, appointments, etc. & keeps those records intact for all future references.
To Help You With the One-time Filing of Taxes
The annual report is an excellent means to keep you on your toes in case of your dues payment. Every LLC must pay taxes through the annual report filing. By filing the report on time, the LLC can manage the exemptions & can avoid penalties imposed by the Government.
To Enable the State to Track the Payments
The government authorities use all the information filed through the annual report for tracking the payment of State Taxes.
Seek the Help of a Registered Agent
Every State will have a different rule for filing the Annual Report. Usually, it is submitted annually, but in some states, it is submitted every other year. Some states require the filing of the report only once in ten years.
Not only the timing, but also the mode of filing, proper addresses, exemptions, legality, annual report compliance, etc., must be taken care of when paying taxes or filing reports with state authorities. In many such scenarios, it is advised that an LLC appoints a Registered Agent to manage all this. Check out the best LLC service that offers all the services at an affordable price. An experienced agent is required for:
- Streamlining the mandatory processes & filing.
- Sending or receiving any documents.
- Reminding you of important tax filing and payment dates.
- Simplifying the filing procedures.
- Avoid any penalties.
- Flexibility in working.
- Maintaining Privacy (as it keeps your personal records off the public record)
You can read more about a Florida Registered Agent here.
FAQs
Yes, an annual report is essential for every business entity in most states. Some states also require biennial or decennial reports to be filed.
A Yearly Business Report, or the annual report, typically incorporates the address of the business, names & addresses of the members, a list of all signatories, SSNs of the members, & details of the registered agent.
A Registered Agent is well-aware of all the filing requirements, annual report filing fee, & overall Annual Report compliance. The knowledge & proficiency of the registered agent allow the smooth filing of reports & other fees.
The most important aspect of filing an Annual Report is maintaining accurate record-keeping. Ensure that you document every transaction thoroughly.
Yes, the fees may vary depending on the type of entity or the type of legal entity you are representing.
In Conclusion
In conclusion, we can see that the annual report, also known as the Franchise Tax Public Information Report, is significantly easier to file. However, it is mandatory to file the report on time to avoid any penalties. If you are running an LLC in the state of Florida, you have to comply with the filing of certain important documents, including the annual report or the Franchise Tax Public Information Report, as it is named in the state of Florida.
It is also important to note that once this Public Information Report is filed with the Comptroller of Public Accounts, there is no need for additional filing with the Secretary of State. Additionally, please note that an annual report is not the same as a Certificate of Status in the state of Florida. They might look similar, as many parts of the certificate are the same as those in the annual report; however, it is a completely different document and should be compliant with the filing requirements for the annual report in Florida.