Understanding Annual Meeting Minutes Vs. State Annual Reports
Understanding Annual Tax Requirements
Both LLCs and corporations have specific tax requirements they must follow each year. When it comes to annual filings with the state, it’s easy to confuse the State Annual Report and the Annual Corporate Meeting Minutes. Keep reading to learn the difference.
Annual Meeting Minutes
All nonprofits, C corps and S corps are required to hold a minimum of 1 annual meeting, for the purpose of reelecting officers and directors, and discussing corporate goals achieved during the year. Meeting minutes are due to be filed during the anniversary month that your corporation was founded. Minutes should include basic information, such as:
- Date, time and place of meeting
- Individuals in attendance
- Meeting agenda with a brief description of each item
- Any voting actions that took place, whether approved or denied
- Voting results, and the manner in which individuals voted
- If applicable, list the late arrival or early departure of any attendees with specific times and a special note for each
LLCs are not required to file meeting minutes, however, it is recommended to do so as proof that your business is in compliance with state and IRS laws.
Corporations and LLCs in the state of Florida must file their Annual Reports by May 1st. The primary purpose of the Annual Report is to provide the state with updated information on your business that can be easily accessed by the public. These reports also provide the state government with an additional source of revenue from the fees imposed on all businesses. Annual reports might include information such as:
- The primary business address
- Names and addresses of those in management
- Name of the registered agent and address of the registered office
- Number of shares of stock issued by the corporation
The costs to file are as follows:
- $150.00 for corporations
- $61.25 for nonprofit corporations
- $138.75 for LLCs
If your business does not file the Annual Report by the May 1st deadline, you’ll be charged a late fee of $400. Additionally, if the Annual Report is not filed by the third week of September, your business will be subject to administrative dissolution.
Here at Alron, we’re here to help you understand and manage your annual filings, so you can rest assured knowing your business is in full compliance. Our corporate and taxation specialists will handle the hard work for you, so you can focus on running a successful business. If you have further questions about Annual Reports or Annual Minutes, we encourage you to reach out to us today.