In January of this year, we discussed the importance for investors who are buying real estate that they should create a legal entity (like a corporation, trust, partnership, limited liability company etc…) to own the property so as to protect oneself from personal liability, i.e. to provide asset protection. That owning property in ones name exposes oneself to liability.
For those who took my advice and created a legal entity to asset protect themselves, you need to be aware of the following important dates that requires action on your part to maintain your legal entity in “good standing’ with the State and avoid an additional $400 non-negotiable late fee as required by law.
Florida Statutes require all Corporations, Limited Liability Companies and Limited Partnerships to file an Annual Report on or before May 1, 2014, to maintain “active” status and avoid administrative dissolution or revocation. Failure to file the 2014 Annual Report by September 26th, as required by law, will result in the entity’s administrative dissolution or revocation. If administratively dissolved or revoked, the entity may reinstate by paying the required annual report filing fee and the additional non-negotiable reinstatement fee. In other words, you will incur a late penalty fee, reinstatement fee and put your entity into a “no good” standing category with the Secretary of State which may cause you to possibly lose your entities name and your asset protection.
Stay in business -do not delay- keep your corporate records active with the State by filing your Annual Report on or before May 1, 2014.
You can quickly and easily file your Annual Report by going to www.sunbiz.org – Florida Department of State Division of Corporations, click on the e-filing services tab, click on Annual Report and follow the simple instructions.
When it comes to managing your single, multi family or commercial properties, rest easy – Octazon Management has got you covered and can protect your assets and take away your property management headaches and distractions through our full-service or back office property management services.
When providing management services to Realtors, Octazon will NOT provide the leasing, rentals or sales– so you never have to worry about losing control of your relationship with the owner.
With Octazon, we bring order to residential property ownership. Call us 888-324-9528 or email us at firstname.lastname@example.org . Check us out @ www.octazon.com