BUSINESS COMPLIANCE QUESTIONS
Most entrepreneurs set out on their business journey unprepared for the burden of corporate compliance.
Alone and confused, they struggle to make sense of tax codes and government regulations. The people around them offer conflicting advice that sounds a lot like guessing.
When you are lost, Corporate Minutes, Inc. guides you down a clear path to legal compliance and protection. We know what it takes to keep your business in good standing, and we help you to get there.
“Good standing” isn’t just a gold star from the state. It maintains the corporate veil separating your personal assets from your company’s. Losing your good standing could open shareholders up to personal liability if the company is sued. You may also lose money to fees, penalties, and higher taxes.
Without good standing, you’ll face roadblocks when you apply for business financing, contractor licenses, or business certifications. The state may dissolve your business altogether.
To maintain your good standing, you have to hold an annual meeting and keep up-to-date corporate minutes. Other requirements vary from state to state and might change at any time.
Eliminate the stress of keeping up with business regulations. CMI tracks state requirements and deadlines and keeps you on the right path. You can focus on doing good business and let CMI handle your good standing.
Which corporations need to keep corporate minutes?
All of them.
It doesn’t matter if you have 1 shareholder or 10,000. Every corporation in the U.S. must hold an annual meeting and maintain corporate minutes.
At your annual meeting, you adopt formal resolutions supporting the company’s actions. It creates a legal record of corporate transactions and activities.
In the event of an audit, the IRS will scrutinize your corporate minutes book for discrepancies between resolutions and activities. If your minutes are not up to date, you could lose your corporate tax benefits and liability protection. You can become personally liable for the company’s debts and its role in any lawsuits.
Besides protecting you in an audit or lawsuit, you need your corporate minutes to pursue business goals including:
Getting financing
Applying for or renewing a contractors' license
Obtaining special certifications, such as a woman-owned or minority-owned business
CMI takes the stress out of staying compliant. We notify you when it is time for your annual shareholder meeting. We’ll conduct the meeting, take notes, and update your corporate minutes. We’ll even keep an organized archive of your documents so you can easily get what you need when you need it.
Every state sets its own requirements for annual business renewals.
Some states have individual deadlines, like every year in the month your business was formed. Some require every business to renew by the same annual date, regardless of when it was formed. And some have unique deadlines like the second quarter after the anniversary of the month your business was established.
Keeping track of your home state’s deadline and fees is complicated enough. You have to know this information for every state in which you do business.
Missing a deadline is not a minor mistake. It can lead to late fees, penalties, even the dissolution of your company in that state.
Escape the stress of looking over your shoulder for looming deadlines. CMI will:
Prepare, process, and track your renewal paperwork, eliminating penalties and late fees
Act as your registered agent
Legally establish your business in another state
Manage renewals for all states in which you do business
Help you get or renew contractor’s licenses in multiple states
Help you to get reinstated in states where your company was dissolved
Are you curious, or possibly confused, about the differences between your company’s Annual Renewal and Annual Meeting requirements? You know both are necessary to keep your company in compliance but may not have a clear understanding of the purpose of each or how to make sure each are fulfilled… and done correctly.