Interested in saving $400?

This is our last reminder to those of you who procrastinate!  If you own a company or are responsible for filing your company’s Florida Annual Report, you have until May 1, 2014 to file.  The penalty for filing late is significant – $400.

Information on filing an Annual Report can be obtained at www.sunbiz.org.  You can submit your Annual Report and pay the filing fee online. To do this, you will need the document number assigned to the business by the State.  This number is located in an email that you should have received from the State in January.  If you do not receive an email (or you did not retain it), you can locate the number by searching the Sunbiz website for your business record.  Feel free to give our office a call if you would like us to walk you through the filing process FREE OF CHARGE.   We will gladly help you with this process!

The filing fees are as follows:

Filed by May 1      Filed after May 1

·         For profit corporation:               $150.00                   $550.00

·         Limited partnership:                   $500.00                  $900.00

·         Limited liability company:            $138.75                  $538.75

Also, do not forget that the act of filing your Annual Report does not negate the responsibility of businesses from following all statutory requirements to maintain those businesses, such as holding annual shareholder and board meetings (e.g., for corporations).

2014 Annual Reports are due!

If you are a business owner, then this Alert is for you.  If you are not, please forward this to your friends who are business owners. Failing to take the following action will result in a late fee assessed against the business by the State of Florida that cannot be waived.

During January each year, the State sends emails to business entities registered in the State that reminds them to file annual reports by May 1st of that year (unless the business is a not-for-profit).  Unfortunately, some email addresses change over time or are invalid, which means that many businesses will not receive this reminder.

Failing to file an annual report on a timely basis will result in a business being administratively dissolved by the State, or at a minimum, require the payments of expensive reinstatement and/or late fees.  With the annual report, a filing fee must be submitted.

The filing fees are as follows:

Filed by May 1      Filed after May 1
·         For profit corporation:               $150.00                   $550.00

·         Limited partnership:                   $500.00                  $900.00

·         Limited liability company:            $138.75                  $538.75

Information on filing an annual report can be obtained at www.sunbiz.org.  In fact, you can submit the annual report and pay the filing fee on-line. To do this, you will need the document number assigned to the business by the State.  This number is located in the State’s email, or if you do not receive an email, you can locate the number by searching the sunbiz website for your business record.  Feel free to give our office a call if you would like us to walk you through the filing process FREE OF CHARGE.

Also, do not forget that the act of filing an annual report does not negate the responsibility of businesses from following all statutory requirements to maintain those businesses, such as holding annual shareholder and board meetings (for corporations).

Finally, for profit companies send out emails about the annual report requirement.  They collect email addresses from the State’s website and is soliciting businesses.  These are THIRD party solicitations not associated with the State – you can file your report on-line without going through any of these companies.

Accepting “Wrong”

This may surprise many, but I have accepted the reality that all estate planning will be wrong. Yes, that’s right, I said “wrong.”  And I tell all of my clients that they, too, need to accept that reality.

That’s not to say that estate planning will be legally incorrect or insufficient. Of course, we strive for drawing documents that are legally correct.

Instead of thinking about the legalities of estate planning documents, I am talking about the practicalities. Imagine going through different iterations in planning. We do it with every single client. We need to and they deserve it. Those discussions are quite enjoyable to consider with clients, and that is what makes our clients’ documents their own. That is, they are as customized as we can make them.

However, the truth is, we don’t really know what is going to happen in the future. All we can really do is make some educated guesses. All of the planning that we do is based on assumptions, none of which may ever happen (other than death – we know that death will happen for all of us).

I am not suggesting that we need to go to the extreme and conclude that because we cannot predict the future, we should put our heads in the sand. To the contrary, I fully believe in estate planning and find it quite liberating to think that we won’t get it right.

So, what should YOU do? Show your family that you love them by taking the time to thoughtfully consider your planning. If it’s from the heart, it will be as right as you can make.