At year end, there are several critical business responsibilities you should ensure are completed. Taking care of these items will help you begin the new year the right way. This checklist ensures you stay ahead of end-of-year business responsibilities.
#1 - Business Licenses
Check that you’ve obtained all appropriate business licenses, and keep note of their renewal dates. If you’ve expanded or changed your business in the past year, you might need new licenses.
#2 - Foreign Qualifications
If you’re planning on doing business outside of the state you formed in, you need to register. This is called "foreign qualification." If you’re operating in a state without having foreign qualified, you could carry fines and penalties into the new year.
#3 - Annual Reports
If you fail to file a required annual report, you’re likely to fall out of good standing and face fines and penalties. If you think you’ve missed one, the time to take care of it is now.
#4 - Dissolutions & Withdrawals
If there are states where you’ve ceased operations, you need to properly dissolve or withdraw from them. This will keep you in good standing and prevent you from having to file annual reports and pay taxes on them in the new year.
#5 - Amendments
If changes have been made this past year to the information set forth in your original Articles of Incorporation (Corporation) or Articles of Organization (LLC), you’re required to file an amendment with the state of formation. These changes, for example, could include a company name change, or a change from member-management to member-management, or vice versa.
Stay ahead of your business responsibilities with BizFilings—not only for year-end services but for the support you need throughout the life of your business.
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