Updating a Manager's or Director's residential address on Sunbiz is crucial for Florida LLCs and corporations to stay compliant and receive important legal notices. Also, ensure Beneficial Ownership Information is updated with FinCEN within 30 days of the address change. Follow the steps on Sunbiz to update your address, including providing details like business name, registration number, and new addresses.

The Financial Crimes Enforcement Network (FinCEN) safeguards the financial system against illicit activities using the Beneficial Ownership Information Reporting (BOIR) E-Filing System, enabling electronic submissions by financial entities. Users often face the "Invalid attachment" error, which occurs due to improper file formats (only JPG/JPEG, PNG, PDF accepted) or filenames with spaces/invalid characters. To resolve this, ensure files are correctly formatted and named.

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.

Sunbiz, the Florida Department of State's online portal, has issued a notice to LLCs about a new federal reporting requirement. Starting January 1, 2024, most U.S. corporations, LLCs, and similar entities must report beneficial ownership information to FinCEN under the Corporate Transparency Act. Key deadlines include filing initial reports by January 1, 2025, for entities existing before 2024, and within 90 or 30 days for those created after January 1 2024 and 2025, respectively.

Limited Liability Companies (LLCs), C-Corporations, S-Corporations, and Partnerships each have unique characteristics and selecting the right business entity in your situation is a critical decision that can significantly impact your liability protection, taxation, management, and potential for outside investment(s). Understanding the similarities and differences among these entities, is essential for making informed choices aligned with your business objectives and preferences.

Do I have to comply with the Corporate Transparency Act (CTA) and FinCEN's Beneficial Owner Reporting Requirement (BOIR)?