GOOD NEWS on Annual Corporate Filing for YOUR FLORIDA BUSINESS

If you are reading this, you own or operate a business. I also run a business; it is a law firm, but it is also a business. I operate my law firm business as a Professional Limited Liability Company. The title is so long that we often shorten it to “PLLC”. My firm is “Rignanese & Associates, PLLC.”

For the business that you manage, do you operate as a Corporation or Limited Liability Company (LLC)? If so, there is some Good News in the State of Florida.

Business in the United States and the State of Florida is fundamentally conducted by small to mid-sized business owners just like you and me.

There are a lot of us in Florida. Every year, there are 95,000 new corporations filed. Each year, 13,000 churches and charities officially incorporate in Florida as non-profit corporations. The record goes to LLCs; 300,000 companies form LLCs each year. Our state currently has over 2 Million active business entities registered with the Florida Secretary of State.

Each of these entities - - whether a profit business or a charity - - must make an annual filing called an “annual report” with the State and pay a fee.

Due to the global pandemic of the COVID-19 virus, we have Good News for both profit and non-profit businesses. Pursuant to Executive Order No. 20-52 and Department of State Emergency Order 2020-01 signed March 27, 2020, the time requirements for business entities to file annual reports are suspended and tolled until June 30, 2020. Any profit corporation, limited liability company, limited partnership or limited liability limited partnership annual report filing will have until 12:01 am Eastern Time on July 1, 2020, before a $400 late fee is assessed. Nonprofit corporations are not subject to the late fee.

This is a challenging time for businesses and business owners. This action is a little Good News to lighten your load!

Rignanese & Associates, PLLC is available to work with business clients on all matters of business law including contracts, leases, transactions and succession planning. We offer virtual meetings. Please reach out to us at 863.294.1114.

© Cynthia C. Rignanese, Senior Managing Partner (2020)