Business Maintenance
The law is always changing and it can be hard to stay up to date on all the business filings and laws your business needs to conform to. Every business must meet several basic requirements to stay compliant with the states they do business within. Failure to keep your business compliant or follow business formalities can have serious repercussions such as:
If you are a Corporation or LLC, you may inadvertently expose yourself to personal liability
Your business may be subject to extra penalty fees if you are late in filing the required Secretary of State filings.
If you are late with your filings, someone may be able to take your most precious business asset- your business name.
There may be extra tax penalties if you cannot prove the information you put on your tax return in the event of an IRS audit.
Your business, and even you personally, may be subject to lawsuits if you fail to appropriately document your business’s activities properly.
For these reasons, we have developed a Business Maintenance Program, designed to eliminate the worry of these problems so you can focus on what really matters, growing your business. Our Business Maintenance Program makes it easy to keep your business in good standing, manage your filings, and make updates to company details when needed.
Enrollment in the Business Maintenance Program gains you access to the following services for a single annual fee:
Hold / Document Annual Meetings and Resolutions
Corporate minutes and bylaws are a requirement for any corporation which document the decisions and actions of a business. These documents need to be created for most major decisions within the company. A corporation must hold at least one meeting annually for all the shareholders of a corporation. Our firm will prepare any annual meeting documents that your corporation may require.
A corporation also needs to draft resolutions for major business changes. Our firm will draft any resolutions your company requires while you are enrolled in our Business Maintenance Program.
Update your Governing Documents
Corporate Bylaws: Corporate bylaws are the rules that govern how the corporation operates. Every corporation should have bylaws to establish a guideline on how a business should be operating. Bylaws should be updated on an as needed basis by the shareholders.
Limited Liability or Partnership Operating Agreement: An operating agreement is an agreement among the company members that defines how the company will operate. The operating agreement also describes the rights and duties of its members with financial and operational business activities.
Filing Annual State Good Standing Report (if applicable)
Some states require annual reports to stay in good standing. We will gather a list of states the company operates in and either file or remind you to file these reports as needed.
Compliance with Changing Laws
Its hard enough to run your business without adding in all the law changes and formalities the state requires you to uphold. Our firm will alert you to any relevant changes in the law or reporting requirements that your business may face.
Issuing and Documenting Stock
Corporation: A shareholder may want to transfer or sell their company share(s) to another entity during the year. Our firm will prepare the transfer documents and issue the new share certificate for the new shareholder(s).
Limited Liability or Partnership: A member may want to transfer or sell their interest in the business to another entity during the year. Our firm will prepare the transfer documents and issue the new membership certificate for the new shareholder(s).
Elect S Corporation Status
Our firm will review your current tax plan and business requirements to determine if an S election would be beneficial. We will then prepare and file the necessary documentation to set up your business as an S corporation.
Registered Agent
Our Firm will act as your statutory agent if you are enrolled in this program.
Annual Meeting with Client
At least once a year, business owners should sit down and evaluate how their business’ have changed over the previous year. During this meeting we will review business documents and the future to ensure effective and efficient operations are achieved. We will also discuss any areas of concern in both the business structure and operations.
Schedule your own free consultation with one of our experienced professionals today to learn more about our Business Maintenance Program.