WCVC - INACTIVE in Florida, reason: ADMIN DISSOLUTION FOR ANNUAL REPORT.
Admin Dissolution for Annual Report Definition
Administrative dissolution is typically the first step in terminating a company's right to do business permanently.
Admin dissolution for annual report definition is the temporary removal of a company's ability to conduct business in the state of registration because they failed to file the required annual reports or follow other legal guidelines.
Administrative dissolution is typically the first step in terminating a company's right to do business permanently.
Reasons for Administrative Dissolution The Secretary of State or business office in each state is responsible for making sure that entities remain in compliance with regulations.
Businesses that do not comply are subject to administrative action.
Failing to file state-required reports, including California's statement of information and Texas's franchise tax report, most often leads to administration actions up to and including dissolution.
A limited liability company (LLC) can be dissolved if a registered agent is not maintained.
All states require companies to file an annual report. This yearly statement must be submitted to the Secretary of State by the stated deadline. The report must include the legal name of the company, office address, registered agent information, and list of members, managers, directors, or officers. Failure to submit this report is grounds for dissolution.
Administrative dissolution may be pursued if you do not remit funds for a dishonored check or fail to pay other required fees.
Florida Annual Report In Florida, business entities must submit their annual reports to the Secretary of State by May 1 every year. Companies who missed this deadline are subject to a $400 fine. This must be paid by the third week of September along with the annual report submission to avoid administrative dissolution.
When your Florida entity is administratively dissolved, it continues to exist but is not allowed to conduct business except to liquidate assets and notify creditors. In addition, an officer, agent, or director will be held personally responsible for outstanding business debts and obligations. When the corporation is reinstated, this liability is lifted.
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