By Maryann Lawrence, Startup Rep, Direct Incorporation
LLC maintenance requirements, IRS corporate tax obligations, internal corporate formality requirements – managing the backend of a business is enough to make your head spin! But don’t worry, there’s help out there. A little advanced planning – and utilizing an automated reminder service – will go a long way, especially when it comes to the IRS. Here are just SOME of the things you’ll need to plan for when running your business:
Annual Report Filing
Most states require that Corporations and LLCs file a statement and pay a moderate fee on an annual or biennial basis. This filing requirement, which is generally referred to as an “Annual Report” or “Franchise Tax,” updates the state government as to the status of the company, and permits the company to continue its existence.
Licenses
Are you running a daycare or restaurant? Are you an Engineer or Attorney? In order to comply with state business regulations, most new corporations and LLCs will be required to obtain a license and possibly pay a state fee before transacting business. After formation, it is urged that you check with the appropriate state agencies to ensure that you comply with the license requirements for your particular business.
Tax issues
It is important to remember that although federal taxes are likely to comprise the most significant portion of your tax liability, certain entities will also have to pay tax at the state level. Learn more about tax filings.
Publication Requirement
A handful of states has a publication requirement. This requirement generally directs a new corporation or LLC to file a notice of incorporation (organization) in a newspaper of local circulation.
Do it the easy way – Automate!
Direct Incorporation’s Business Compliance Program will keep you informed and up to date with your corporate responsibilities so that you can focus on growing your business. We’ll help you with:
- IRS filings
- State reports and renewals
- Internal corporate formalities
- Custom notices and licenses
In addition to keeping you informed of your corporate responsibilities, the Business Compliance Program provides you with an interactive software program that will walk you through your corporate formality meetings, such as your shareholder meetings.
Head still spinning? Contact Direct Incorporation for help. Thanks! – Maryann
