To reinstate an LLC is to reactivate an entity that has been revoked or administratively disbanded.
To reinstate an LLC is to reactivate an entity that has been revoked or administratively disbanded. If the LLC (Limited Liability Company) has a large client base or possesses important intellectual property, it is advised that the LLC be reinstated.
In certain cases, creating a new LLC may be the best solution, but the drawbacks should be examined before proceeding. In certain situations, if another organisation has adopted the name of the original LLC, you will need to get a new EIN (Employee Identification Number) from the Internal Revenue Service and build a new credit history. Furthermore, any contracts you have with suppliers, banks, or consumers will need to be redrafted and signed with the new company name and pertinent information.
Specifics of Reinstatement
To restore an LLC, submit an application that includes the following information:
Change, remove, or add the names and addresses of the LLC’s directors, officers, managers, or other authorised individuals.
Changes to general partners’ addresses should be reported.
Fill out the form with the name and address of a new registered agent.
Complete the change of address of the business entity’s primary office. This might contain the postal address as well.
The Federal Employer Identification Number should be updated or added (FEIN).
The cost and payment methods for reinstatement will differ according on the state. Payment options in Florida include
Payments Made Online
The credit card
Visa debit card (Mastercard or Visa only)
Courier or mail
Make your check or money order payable to the Florida Department of State.
Checks must be drawn on a bank in the United States.
If paid by credit card, the time it takes to conduct a reinstatement of a business organisation that was dissolved or revoked within one calendar year will be updated as soon as the payment is posted. The time period will be two to three days if the company entity was dissolved or revoked for more than one year.
The extended time schedule is due to the necessity that a company name search be done to ensure that the name has not already been claimed by another organisation. If payment is made by check, the time necessary will be determined on the workload at the time of year.
Re-establishment in Florida
Before asking for reinstatement, a Florida company must conduct a board of directors meeting to propose the proposal, vote on it, and record that the motion was adopted. The minutes of the meeting must be documented. If the board members were not given enough notice, they must sign a waiver of notice. This means they waived the notice period specified under the corporation’s bylaws.
When an LLC is administratively dissolved or revoked, it signifies that compliance requirements were not completed. This might have occurred as a result of a failure to submit an annual report or failure to pay taxes. Prior to reinstatement, certain duties must be met in order to demonstrate that the company is in “good standing.”
Corporations may be revived online after compliance is completed. To do so, fill out the form and pay using the online payment system. The current payment costs are as follows:
Profit companies pay $600 + $125 every report year.
Nonprofit businesses must pay $175 + $61.25 every report year.
Limited Liability Company – $100 + $138.75 every report year.
Limited Partnerships and Limited Liability Partnerships – $500 additional $500 for each reporting year. This sum is larger because Florida law mandates payment for each year the LLC was revoked as well as each reporting year due.
If the failure to file an annual report was the cause of administrative dissolution, the reinstatement of the Florida company will cost at least $750.
All customers, suppliers, business partners, banks, and any other person or organisation you believe should be notified that the company is back and fully operating should be notified of the reinstatement. This is not essential, however it is encouraged if you want to proceed.
It is essential that the LLC consult with a legal or tax specialist to ensure that you have completed all necessary paperwork for revival. Each entity may have its own unique set of problems that must be resolved. Missing steps will be both inconvenient and expensive, and expert aid may help alleviate this problem.