Restrictive Covenants and New Ownership of an Existing BusinessMarch 25, 2013
Terminations of Employment With and Without CauseApril 17, 2013
Each year, a limited liability company or corporation is required to file an annual report with the Florida Department of State. The failure to file the annual report could lead to the administrative dissolution of the entity. If this happens, a corporation or limited liability company may not be able to defend or prosecute an action in the state until the annual report is filed and all fees are paid. See § 607.1622, Fla. Stat., and § 608.4511, Fla. Stat. Thus, companies would be wise to ensure that their annual reports are timely filed as administrative dissolution may prove a hindrance to prosecuting or defending a claim.
Additionally, from a practical standpoint, it costs $150.00 to file an annual report for a corporation and $138.75 for a limited liability company. There is a $400.00 late fee for having to reinstate the business entity for failing to file an annual report. https://efile.sunbiz.org/sbs_ar_instr.html Thus, it makes sound economic sense to timely file instead of having to pay significant late fees.