Maintaining a corporation or Limited Liability Company (LLC) is an ongoing process that requires constant attention. Unfortunately, most small business owners don’t know what they don’t know—and busy entrepreneurs often find it tough to carve out time to research what’s required, let alone follow through on it.
Not maintaining compliance with all the rules and regulations might saddle you with fines and even expose your business to liability risks.
I don’t want that to happen to you—and I’m sure you don’t either!—so here’s a quick checklist of questions to ask yourself to assess your compliance readiness.
1. Have I obtained the required business licenses and permits for my business?
You may need local and/or state business licenses or permits to legally operate your business. Some need to be renewed regularly.
2. Have I filed my initial or annual report & statement of information for my company?
Corporations and LLCs in many states must file these. Check with us here at CorpNet or with your state’s Secretary of State office if you don’t know what your annual report requirements and deadlines are.
3. Is my corporation or LLC going to be conducting business under a different name?
If you’ve incorporated your business, you’ve already registered your business name and don’t need a DBA (fictitious name). But you will need one if you want to conduct business under a name that’s different than the name approved for your LLC/corporation.
4. Will my company be conducting business in a different state?
If your corporation or LLC will be in a different state or in multiple states, you need to qualify to do business in each state in which you’ll be operating. That will require going through a registration process, much like when you formed your corporation or LLC.
5. Will I be using the business name nationwide?
If so, you may want to seriously consider applying for a trademark or service mark to protect it from being used by a competitor.
6. Do I need to make any changes to my company information?
You need to officially notify the state if you make any key changes (such as your business address, company name, board members, etc.) to your corporation or LLC.
7. Have I registered my company in CorpNet’s Compliance Portal, so I can start getting my tax and compliance alerts through the year?
In a way, this last question is the answer to the other six that came before it. Using CorpNet’s Compliance Portal is a wonderful way to get the peace of mind that your business is on top of all it needs to do to be compliant. It will keep you in the know about all your critical filings and due dates. It doesn’t get much easier than that!
As an entrepreneur, I understand the challenges in keeping up with compliance requirements. It’s daunting for time-crunched small business owners who are responsible for all aspects of starting and running their businesses. But compliance is extremely important to avoid penalties, which could be financially and legally debilitating. It pays to make it a priority.
Want to make compliance as uncomplicated and convenient as possible? Consider using CorpNet’s Registered Agent Services to handle processing all your registrations and filings—no matter which of the 50 United States you’re operating.
- Business Licenses & Permits
- Initial & Annual Report Filings
- DBA/Fictitious Business Filings
- Foreign Qualification Filings
- Certificates of Good Standing
- Amendments and Name Changes
- IRS Forms & Filings
- Dissolutions & Withdrawals
- Trademark & Copyright Filings
Call us at 1.888.449.2638 now and get 10% off any CorpNet corporate compliance service using code Blog10!