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Written by : Edgar Howton
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so what do you do if the state dissolves your company my name is sam bryant and i help build and protect florida businesses so if the state of florida has dissolved your company it's mainly for one reason and that reason is that you didn't pay your annual fees when you register a business you have to pay fees to the state every single year and they give you uh they give you a grace period so if the time comes due to file your annual report and pay those fees and you've exceeded the grace period the state will send you a notice of dissolution so what this basically means is the state is no longer recognizing your business as a legal entity in florida so if you're conducting if you're still conducting business after you you receive this notice then you're not operating within florida law so now what do you do if you actually get this notice if you want to remain in business then you need to pay this fee you'll pay a penalty and um it won't be much depending on when you actually pay it so if you get the notice and you pay it immediately then you'll pay your annual fee plus delay penalty if you wait so this is what happens uh with a few businesses what they'll do is they won't pay the annual fee and then they'll sit on it and they'll wait a couple of years sometimes so if that happens it's not a matter of just simply paying a small annual fee plus a small penalty what happens now is you have to pay the annual fee for every year that you missed plus the upcoming annual fee plus any other penalties so that can really rack up for businesses if you get the notice of the solution and you go two three four years without paying your annual fee you will end up paying hundreds of dollars just to get your business in good standing with the state so that's if you want to remain in business if you don't want to remain in business and you get this notice a lot of times you can just um just keep the notice and just let the business lay dormant if that happens you just have to keep in mind that the name that you have for the business may be up for grabs um also you have to be aware of creditors if if you get this notice of the solution yes the state has dissolved the company but it still doesn't absolve you of taking care of your creditors so if you get this this notice of the solution just know that the state is no longer recognizing your business as a legal entity but it can be reversed so if you pay the applicable late fees then the state will retract it and it will revert back to as if nothing ever happened if you want to remain closed then you can just keep the notice as is you don't pay the state anything but just recognize that you are not you're no longer a florida business and you still have to take care of the creditors that you earned or that you've accumulated through the life of the business so i hope you found that video helpful if you have any questions about dissolution or if you've received this notice from the state of florida and need help interpreting it or what your next steps could be please feel free to contact me you can use the links below there's multiple ways to contact me and i'll be happy to help and um hope you have a great one
Thanks for your comment Danica Goerdt, have a nice day.
- Edgar Howton, Staff Member
that's one of the great benefits of having partners go in together in LLC's and the partnerships etc because both of you are protected if if another person is going to be facing legal problems the structure protects their assets from being taken out just as well as your cells matter of fact the more people that are involved in a particular LLC the more or less likely that there is even going to be a sentiment for the judge to be able to negatively affect all the rest of the partners or members in an LLC or than the partnership so there's no reason to assume that it should affect that person negatively are one person negatively even though the legal action is being brought against another partner now the only problem that where that would occur is if finally the person who is the partner in the partnership or a member in the LLC decides to take out bankruptcy that's a very serious problem and there are specific provisions that are written inside those documents to on how to handle that situation the person takes out bankruptcy then that could affect everybody inside that LLC or the partnership so it has to be done correctly but generally speaking just because legal action is being brought against another partner does not mean that that is going to affect other partners negatively
Thanks slizy your participation is very much appreciated
- Edgar Howton
About the author
I've studied paleoecology at Whitman College in Walla Walla and I am an expert in multivariate analysis. I usually feel thankful. My previous job was law clerks I held this position for 25 years, I love talking about ballet dancing and photo: andrew ridley. Huge fan of Orny Adams I practice snooker and collect first day covers.
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