Somebody recently pointed out to me that there are nine weeks until Christmas. So quickly the end of year is upon us. So much fun from Fall through the Holidays. But also, much to do as a business owner.
As a small business owner, you’re probably already thinking about the new year and all of the exciting projects you have lined up. But before you get in too deep with future plans, be sure that your business is in good standing before the year ends. Keeping in good standing with the law is important for the future and growth of your business. Here are some important steps to complete on your end-of-the-year legal checklist.
Recordkeeping & Paperwork
It’s important to keep your business in good standing especially if you’ve gone to great lengths to incorporate and legitimize your small business. Here are a few important recording keeping steps to take and paperwork to file before the year ends.
Annual Meeting
Have you held an annual meeting this year? If you’re an LLC or corporation, it’s important that you hold an annual meeting before the year ends. This is where you make important decisions for the year and make sure the owners, shareholders, and board members are all on the same page.
An important part of holding annual meetings is recordkeeping through Corporate Minutes. These minutes summarize what’s been decided and what’s been discussed at these meetings. Each state has its own regulations
Articles of Amendment
Did your business move this year? Did a board member leave? Did you change the name of your company? If you made any changes to your business, you need to file Articles of Amendment to the state you’re doing business in. It’s important that you notify your state and the IRS of any changes so your business stays in good standing and your paperwork is up to date.
Taxes
Estimated Tax Payments
Before the year ends, it’s important that you assess your estimated tax payments. Make sure you haven’t overpaid or underpaid and review closely how much your business made year to date. If you need to make any adjustments, make sure you do it before the deadline.
Employees and Contractors
Be sure to review all the annual earnings of your full-time employees (W-2s) and independent contractors (1099s) so the paperwork is ready to be filed, reported, and submitted early next year.
Let us know if you have any questions. Our attorneys are here to answer your questions. You can reach us by telephone at (615) 567-7300 and by email at kelli@khalawgroup.com. Relax, enjoy your success, and always move forward.
