Florida businesses, please open your calendars. Now. You will see there are less than two weeks in 2019. (And in this decade for that matter. We will not get into a debate here about whether the current decade ends on December 31, 2019 or 2020. 3 This writer, after due consideration, and despite some contrary opinions, accepts that the current decade ends on December 31, 2019; he accepts that assumption because he turned one-year of age 365 days after his birth [actually 366 because he was born during a leap year]. It appears, then, that a debate has been broached.)
As the calendar year ends, numerous business-related deadlines or ‘kick-offs’ (apropos to the football bowl season) approach, including related to state and federal compliance reporting and taxes.
The operators of Florida artificial business entities (such as corporations, limited liability companies, limited partnerships, and their statutory variants) should be well aware that the Annual Report season begins January 2 (this particular filing round 4) with a May 1 ‘hard’ deadline (meaning before a $400 late fee ‘kicks-in’ – and even later administrative dissolution). 5 Please note the Florida Department of State – Division of Corporations does not send paper reminders; the process is now done completely online. Here is the filing paperwork. So no excuse – be there or be…penalized.
As the calendar year ends, numerous business-related deadlines or ‘kick-offs’ (apropos to the football bowl season) approach, including related to state and federal compliance reporting and taxes.
Now, one of the most valuable resources available to businesses is the U.S. Small Business Administration. The SBA produces a large amount of free information for businesses, such as newsletters, webinars, and educational materials. (This writer subscribes to the SBA’s newsletter. As well as others, such as from the U.S. Occupational Safety and Health Administration.)
One lengthy SBA guidance is entitled “10 Things to Do to Close Out Your Year”.
That article is too long and detailed to be copied here, but the following are ‘high-points’ quoted from the piece itself (follow the link above to see the specifics – they are, indeed, important):
- Pay year-end bonuses.
- Set compensation for the coming year.
- Set employee benefit programs for the coming year.
- Make last minute purchases.
- Review inventory.
- Make charitable contributions.
- Hold your annual board meeting.
- Meet with your CPA.
- Prep for law changes.
- Get ready to update the “date.”
To consult with an experienced business law lawyer today
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The author of the SBA’s article did have a brief “Final thought” worth repeating verbatim:
Pay attention to the little things that need to be done before the end of the year. They can add up to great success.
So, as this year comes (rapidly) to a close, enjoy the holiday(s) you observe – whether they be Chanukah, Christmas, Kwanzaa, or even Festivus – and get ready for 2021 to begin. We here at Bogin, Munns & Munns are here now…and will be then!
1 /holiday-season-scams-2018/
2 http://www.myfloridalegal.com/newsrel.nsf/newsreleases/1E93A564E7EEE1D1852584BD004FC7A9
3 https://www.farmersalmanac.com/new-decade-2020-or-2021-100900
4 https://dos.myflorida.com/sunbiz/
5 https://dos.myflorida.com/sunbiz/manage-business/efile/annual-report/
6 /deadline-florida-businesses-buying-business-franchise/
– For more information, call our attorneys of the Gainesville, FL office of Bogin, Munns & Munns at 352.332.7688, where he practices in the areas of business, banking, real estate, and equine law. He has taught business and real estate law courses at the University of Florida Warrington College of Business Administration and Levin College of Law and is the President-Elect of the Eighth Judicial Circuit Bar Association.
NOTICE: The article above is not intended to serve as legal advice, and you should not rely on it as such. It is offered only as general information. You should consult with a duly licensed attorney regarding your Florida legal matter, as every situation is unique. Please know that merely reading this article, subscribing to this blog, or otherwise contacting Bogin, Munns & Munns does not establish an attorney-client relationship with our firm. Should you seek legal representation from Bogin, Munns & Munns, any such representation must first be agreed to by the firm and confirmed in a written agreement.
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