Saturday, February 24, 2018 21:22

Business Spring Cleaning – a task list

Annual report filings for Florida businesses are due on or before May 1, 2014. To avoid late fees, your annual report must be filed by May 1st. This applies to all Corporations, LLC’s, and Limited Partnerships. The annual renewal will cost you $150 for a for profit corporation; $61.25 for a not for profit corporation; $138.75 for a limited liability company; and $500 for a limited partnership or limited liability limited partnership. If you fail to renew your registration prior to May 1st, the late renewal fee is $400, and can increase over time depending on circumstances. For more detailed information, please click here. 

While you are performing your annual filing, you should take this chance to review other aspects of your business to make sure everything is up to date and running smoothly. Some tasks to consider:

  • In updating your annual report, make sure your list of corporate officers is correct and that your choice for the association’s registered agent makes sense. A former director, manager or attorney who is no longer affiliated with your community should be replaced by someone who is serving or representing the community and who understands the fiduciary obligations associated with the registered agent’s functions. Also, for LLC’s please note that starting in 2015, the Florida Revised Limited Liability Act will apply to all LLC’s, even those created prior to 2015. As a result, the various changes may affect the operation and management of an LLC.
  • Confirm that your business filed its tax return. This even includes non-profits. For specifics, make sure to discuss with your accountant.
  • Review all contracts to which your business is a party to confirm if any renewals are coming up. This is particularly important if you have service contracts or leases which contain automatic renewal clauses. If you miss the often narrow window of opportunity to cancel the contract you could be bound for several more years.
  • Pull out your insurance policies and read through them carefully.
  • Review company succession planning. This is most important for small and medium-size businesses that may have a more information operational structure.
  • Make sure all permitting is up to date and appropriate.
  • Perform a security check with regard to items like computer security, intellectual property trade secrets and confidential information, and physical premises security. If appropriate precautions are not taken, a business can lose rights to critical business information or void an insurance claim for a loss. 

If you need assistance filing for a fictitious name, business formation, or would like other legal advice regarding your business, please contact The Gordon Law Firm | P.A. at www.thegordonfirmcom.  The Gordon Law Firm serves Clearwater, St. Petersburg, Tampa, and throughout Florida.  The Gordon Law Firm can help you understand your rights, seek justice and represent your needs. 

“Making the law work for you and your business”

Please note that the above questions were answered generally in context of Florida Law. The laws of other states may differ. In addition, the statements above are general comments about the law. As such, these statements should not be relied upon when making a legal decision. If you have any questions, please consult with an attorney licensed to practice law in your jurisdiction.

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