Florida Community Association Manager Practice Exam

What must every corporation file annually with the Florida Secretary of State?

1. Annual Corporate Report

2. Financial Statement

3. Tax Return

4. Operating Budget

The correct answer is: Annual Corporate Report

Every corporation in Florida is required to file an Annual Corporate Report with the Secretary of State. This report is an important document that provides the state with updated information about the corporation, such as its legal name, principal office address, and the names and addresses of its officers and directors. Filing this report is essential for maintaining the corporation's good standing and ensuring that it remains compliant with state laws. The Annual Corporate Report serves as a way for the state to verify that the corporation is still active and properly managed. It is necessary for both for-profit and non-profit corporations in Florida. Failure to file the report can result in penalties, including late fees or the involuntary dissolution of the corporation. While other options like a financial statement, tax return, or operating budget may be relevant for corporate financial governance, they are not mandatory filings with the Florida Secretary of State in the same way the Annual Corporate Report is.