Businesses in Florida must file an Annual Report through SunBiz to stay compliant and avoid penalties. SunBiz, the state's official portal, facilitates filings and updates for LLCs, corporations, and partnerships. Key requirements include filing by May 1st, updating registered agents, verifying business info, and paying a fee (about $138.75). Non-compliance can result in late fees up to $400 and/or administrative dissolution of the LLC or Corporation in Florida.