Keeping your business in compliance with regulations is key for avoiding penalties and facing other difficulties. If you want to ensure that your business is one-hundred percent in compliance, then there are a number of things that you must do. Here is a rundown all everything you must do to make sure that your business is in full compliance with regulations.
In order to operate legally, your business must possess all of the licenses that are required by your state to operate in your industry. To ensure compliance, you should check your business licenses and make sure they are up to date. The same goes for permits.
You should check to make sure that the state’s records for your registered agent are up-to-date and that you have a registered agent who can support you if you expand into new states.
Your company is required to file annual reports in every state that it operates in. Even if you fail to file in just one state that you operate in, it can lead to significant consequences. So, make sure you file annual reports in all required states.
State Compliance Status
You need to check regularly to make sure that your company is in good standing with the state. If your company is not in good standing, it can create problems for you if you try to secure new financing.
Your business is most likely required to pay sales taxes, even if your products are being sold online. Some states require sales taxes for in-state sales. You will have to get a sales tax license in all states that you sell in that require the license. You will also have to properly collect the taxes.
You are required to obtain foreign qualification in every new state that you do business in. If you don’t then you are risking facing fines and penalties. So, make sure that you have all of the necessary foreign qualifications.
Dissolutions & Ammendments
If you terminated or amended your business, you are required to inform the proper authorities. If you do not dissolve your LLC or corporation, then you are still obligated to file annual reports and tax returns. You must withdraw from every state that you were doing business in individually.
To learn how Legalinc's Entity Management platform and compliance solutions can help your business stay in compliance with the Secretary of State, schedule a demo today or call us at 866-757-5850.