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5 Year-End Business Responsibilities Cheat Sheet by

5 Year-End Business Responsibilities
business     5     responsibilities     year-end

Introd­uction

As we enter the last part of the year, there are several business respon­sib­ilities you should double check. Taking care of these items will help you begin the new year the right way. This checklist ensures you stay ahead of end-of­-year business respon­sib­ili­ties.

1. Business Licenses

Check that you’ve obtained all approp­riate business licenses, and keep note of their renewal dates. If you’ve expanded or changed your business in the past year, you might need new licenses.

2. Foreign Qualif­ica­tions

If you’re planning on doing business outside of the state you formed in, you need to register. This is called "­foreign qualif­ica­tio­n." If you’re operating in a state without having foreign qualified, you could carry fines and penalties into the new year.

3. Annual Reports

If you fail to file a required annual report, you’re likely to fall out of good standing and face fines and penalties. If you think you’ve missed one, the time to take care of it is now.

4. Dissol­utions & Withdr­awals

If there are states where you’ve ceased operat­ions, you need to properly dissolve or withdraw from them. This will keep you in good standing and prevent you from having to file annual reports and pay taxes on them in 2019.

5. Amendments

If changes have been made this past year to the inform­ation set forth in your original Articles of Incorp­oration (Corpo­ration) or Articles of Organi­zation (LLC), you’re required to file an amendment with the state of formation. These changes, for example, could include a company name change, or a change from member­-ma­nag­ement to member­-ma­nag­ement, or vice versa.
 

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