The end of the year is a busy time for everyone, especially small business owners. We want to make sure that small businesses end the year in the best form possible. That’s why we put together this checklist.
Westlake Village, CA (PRWEB) October 10, 2013
CorpNet.com, a leading online business document filing company that helps entrepreneurs start a business and keep a business in corporate compliance, is helping small business owners keep their companies in order by publishing a Top 10 End-of-Year Checklist for Business Compliance.
“The end of the year is a busy time for everyone, especially small business owners. We want to make sure that small businesses end the year in the best form possible. That’s why we put together this checklist,” said Nellie Akalp, CEO and co-founder of CorpNet.com. “In particular, it’s critical to make sure small business owners are aware that there might be little things they can do now, to avoid having to pay unnecessary fees or fines.”
CorpNet’s Top 10 End-of-Year Checklist for Business Compliance includes:
1. Incorporate or change your business structure: Many small businesses start out as sole proprietorships or partnerships, but then eventually transition to another entity. Form an LLC or corporation to protect your personal assets from any liabilities of the company.
2. Close an inactive business: If you have an inactive business, you need to file a formal termination of that LLC or Corporation before the end of the year. Otherwise, you will be charged fees associated with the business, you’ll still be expected to file an annual report, and you’ll still need to submit tax returns to the IRS and state.
3. Make sure your estimated tax payments are up to date for 2013: You should review what your business has made year to date and assess your estimated tax payments to avoid underpayments.
4. Check if your business needs a Fictitious Business Name: If you’ve been doing business under a different name (even if it’s a subtle variation like “CompanyA” and “CompanyA.com”, you’ll want to file a DBA for that name).
5. Hold your annual meeting for your Corporation or LLC: If you haven’t done so already, hold your annual meeting for your Corporation or LLC. Along with the meeting, you’ll need to generate written minutes/resolutions to be signed by the shareholders (Corporation) or members (LLC). CorpNet.com offers free meeting minute templates.
6. File your “Annual Report” (if required): All states (except Ohio and Alabama) require an Annual Report filing for Corporations and LLCs. Find out when your state’s deadline is and get your filing in on time. Otherwise, you can be subject to penalties and added fees.
7. File “Articles of Amendment” for any changes: If you made any changes to your Corporation or LLC (i.e. change of business address, authorized more shares, or a board member left), you’ll need to file an official notification with your state of incorporation. The end of the year is a good time to catch up with this important paperwork.
8. Think about a registering a Trademark: If you’re concerned about protecting your brand, the end of the year is a good time to consider filing for trademark protection. Click here to learn more about how to register a trademark.
9. Make sure you’ve obtained any necessary state/local permits and licenses: Check with your local government offices to determine what business permits are needed. Examples include: local business licenses, tax permits, zoning permits, health permits, and home occupational permits.
10. Make sure your not commingling your personal and business finances: Corporations and LLCs are required by law to keep their business and personal finances separate. Audit your accounts to make sure you’re managing your checking accounts, credit cards, and purchases by the book.
Small business owners can find a wealth of free resources and guides on the CorpNet.com website to help them navigate everything from forming a corporation to filing a DBA.
CorpNet.com is an online business document filing service that provides new and existing business owners with the most comprehensive, cost-effective services when it comes to starting, protecting, and managing a business. Through its website, CorpNet.com provides business filing services required for a variety of business needs such as: incorporate a business or form a Limited Liability Company (LLC), file a DBA, Doing Business in Multiple States (Foreign Qualifications), close a business (Dissolutions), Registered Agent Representations, Trademark Search and Registrations, and Corporate Compliance services and supplies for all 50 states.
Founded by experienced entrepreneur/attorney husband and wife team, Philip and Nellie Akalp, CorpNet.com is a private company based in Westlake Village, CA. For more information, please visit http://goo.gl/YDhlv2 or follow @CorpNet on Twitter.