Creating an Annual Report for Your West Palm Beach Small Business
According to the U.S. Small Business Administration, there are 2.5 million small businesses in the State of Florida. This number represents 99.8% of businesses in Florida. Even though some of these small businesses are not required to file paperwork with the state, most of them are. One of the most important requirements a small business has is filing its annual report.
What’s an Annual Report?
The annual report is a report that keeps the Florida Department of State, Division of Corporation informed of any changes within your small business. The report updates or confirms the Division of Corporations’ records and whether changes have occurred or not.
Although the annual report is not a financial statement, it is necessary to file the report each year to remain an active business.
When Should I File the Annual Report?
Failure to file an annual report in a timely manner in the State of Florida can result in dissolution of the small business.
According to the Florida Department of State, Division of Corporations website, annual reports must be filed between January 1 and May 1 of each year to avoid late fees, and due by the third Friday in September to avoid administrative dissolution.
If the annual report is not filed by the third Friday in September, the Florida Department of State, Division of Corporations, will dissolve or revoke the business within its records at the close of the business day on the fourth Friday in September.
Keep in mind, if your small business is closed and you wish for the business to remain closed, you do not need to file an annual report.
How Much Does It Cost to File the Annual Report?
Annual report fees are as follows:
- $150 for a profit corporation
- $61.25 for a non-profit corporation
- $138.75 for a limited liability corporation
- $500.00 for a limited partnership or limited liability partnership
If My Small Business is Dissolved, Can It Be Reactivated?
Yes, you can reinstate your small business with a reinstatement application, but will require payment of fees. The fees include:
- A reinstatement fee
- Annual report fees
How Do I File the Annual Report for My West Palm Beach Small Business?
When operating a business, remembering to file the annual report and taking the time to do the same can be tedious, and takes you away from your business. Our West Palm Beach business and corporate attorneys are readily available to help you prepare and file your annual report, and ensure your company remains in compliance with the state.
Contact Our Experienced West Palm Beach business and corporate Attorney for Help with Your Small Business Annual Report.
If you’re a Florida small business, the West Palm Beach business and corporate attorneys at Kelley, Fulton & Kaplan can help. We will make sure your company remains in compliance with state and federal regulations. For a no obligation consultation, contact our firm at 561-264-6850 to discover how we can assist your small business.