Reminder: File your company’s Annual Report before May 1st.
The time has arrived to file your company’s annual report. Please remind all your friends and family that the deadline for renewal is May 1st. If the annual report is filed after May 1st, there is a non-negotiable $400.00 late fee, so make sure to file before the deadline.
When filing your Annual Report, make sure that your registered agent is present at the office listed on the annual report. The registered agent is responsible for receiving notices regarding legal actions against the company. If the registered agent is not present to receive notice, your company may miss the opportunity to defend itself.
Corporations: Make sure to carefully review the information on the annual report to ensure that the Board of Directors names have been updated to reflect the elections at the most recent corporate meeting. If your corporation has not yet had its annual meeting, please be sure to hold a properly called meeting and record the minutes in the corporate book.
Limited Liability Companies (LLC): Last year, Florida has enacted new laws for LLCs, and, in some cases, LLCs formed before 1/1/2014 were not subject to the changes until 1/1/2015.
In case you missed it last year, here are the 3 major changes that might affect your LLC:
1. Florida has eliminated the management structure and title of “Managing Members” for LLCs. Now LLCs only have the option to be either manager-managed or to be member-managed. LLCs who currently have the “Managing Member” structure will likely migrate to a member-managed status once subject to the Revised Act.
2. The Revised LLC Act modifies and adds some of the restrictions as to what can and cannot be included within an LLC’s operating agreement.
3. The Revised LLC Act allows LLCs to file “Statements of Authority” with the State as a way to clear up any confusion as to who may bind an LLC. Statements of Authority may create safeguards for LLCs that want to limit the power of one or more members, managers, or other persons.
If you have questions about how the Revised LLC Act may affect your LLC, feel free to give us a call and we can schedule time to review your Operating Agreement.
Don’t forget – if the company’s Operating Agreement does not specifically waive the requirement for an Annual Meeting, be sure to hold a properly called meeting and record the minutes in the LLC book.