Florida just dropped a game-changing rule for business owners—and if you miss it, you could face $500 fines or even license suspension. Starting January 1, 2024, the Florida Division of Corporations requires all LLCs with foreign owners to file Form LLC-1096 (Statement of Foreign Ownership). Here’s exactly what you need to know:

What Changed? 3 Critical Updates

1. Who’s Affected

• LLCs where ≥25% ownership is held by non-U.S. citizens/residents.
• Even if your business operates solely in Florida!

2. New Deadline:

• File within 90 days of formation (or by March 31, 2024 for existing LLCs).
• Miss it? $500 penalty + $100/day late fee (Source).

3. Data Required:

• Full names, addresses, and passport/national ID numbers of foreign owners.
• No anonymity—this replaces previous “beneficial owner” secrecy.

CRITICAL UPDATE FOR FLORIDA LLCs (AS OF OCTOBER 2023):

The Florida Division of Corporations has confirmed that over 200 LLCs were flagged for non-compliance with the new foreign ownership rule in September alone. Unlike previous years, late filings now trigger automatic holds on banking and tax services—meaning you could lose access to your business accounts until Form LLC-1096 is submitted. This isn’t theoretical: Miami-based startup Coral Gables Tech had its PayPal account frozen for 11 days in September after missing the draft deadline. Compass intervened by submitting the form through a state expedited channel (normally reserved for legal emergencies), restoring their access in 48 hours.