An annual report is the disclosure of a company’s operational and financial activities throughout the year. Business owners of a profit or non-profit corporation must file an annual report, including Limited Liability Companies (LLCs), Limited Liability Partnerships, S-Corporations, and C-Corporations. The Annual Report must be submitted to the Florida Department of State, Division of Corporations. In addition, it is distributed to a company’s investors, shareholders, and others with interests in the company. Generally, sole proprietors and partnerships are not required to file an annual report. Once an entity is dissolved through filing Articles of Dissolution with the state, it is no longer necessary to file an annual report.
An Annual Report is a Mandatory Statement of Information
The purpose of an annual report in Florida is to update the Florida Department of State, Division of Corporations’ records. In addition, it provides public disclosure of a company’s financial performance, which is crucial for individuals making investment decisions. An annual report generally includes basic information such as the name and location of the business, the names of the managers, board of directors, and officers in a corporation, the purpose of the business, registered agents, and the number of shares of stock issued by the business. It includes the revenue a company generates and expenses throughout the preceding year.
Penalties for Non-compliance
Under Florida statute 817.155, a person is guilty of a third-degree felony and punishable by law if they falsify a material fact, misrepresent, or fraudulently file an annual report. Annual reports are due in Florida between January 1st and May 1st of each year. Non-compliance in filing an annual report for an entity will result in the business being administratively dissolved, revoked, or deemed inactive. There are significant fines to reinstate a business.
Guidance for all Business Law and Criminal Law Matters
At the Myers Law Group, P.A., we are knowledgeable in all aspects of business law. For more than two decades, we have assisted entrepreneurs and seasoned business owners with practical and technical advice from start-up to succession planning and dissolution for all types of entities. With a solid background in criminal defense, we are there for our clients when they face allegations of criminal violations. When a negotiation, litigation, or criminal defense is necessary, we are prepared to aggressively represent our client’s best interests.
Request a Consultation with the Myers Law Group, P.A., for Confidence that Your Annual Report Accurately Reflects the Scope of Your Business
If you need help with filing an annual report or reinstating your business due to a lapse in filing, we can help. If your business and future are in jeopardy due to allegations of false filing of an annual report, our law firm can protect your rights and get the best results.
Our attorneys have nearly two decades of collective experience, representing clients and businesses in Volusia, Seminole, and Orange Counties, Florida. Contact our office in DeLand, Florida, at 386-873-7835 to schedule a comprehensive consultation with experienced and dedicated business law and criminal defense lawyers.
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