You want to start the new year off on the right foot, and one critical step is ensuring your business compliance for 2023. As a business owner, there are state and federal requirements to keep your business in good standing. We have a checklist for you, but it is always best to speak with a Washington business law attorney from Bountiful Law.
We understand it is challenging to keep up with daily, weekly, and monthly business concerns, and the yearly ones often go overlooked. Here is a checklist for entrepreneurs:
- Report changes to the state: changes like name changes, new address, ownership changes, registered agents, stocks, or board of directors must be reported yearly.
- Submit an annual report: submit your annual report promptly to avoid late fees or penalties.
- Annual meetings: hold annual meetings and submit minutes.
- Change business entity type: if you change your business structure from sole proprietor to LLC, you must report this to Washington state. It is best to make these changes at the start of the year.
- Review tax payments: if you make payments quarterly, calculate and review them with your tax advisor. Determine if you need to make adjustments or additional payments.
- Close inactive businesses: if you have a corporation or LLC no longer in operation, you must issue a Certificate of Termination or Article of Dissolution to make it official.
When you make your resolutions for next year, make sure you add compliance to the list. If you fail to comply, Washington can place fines, suspension, penalties, and dissolution of your business. While we cover many requirements in this post, some are specific to your location, industry, or business structure. Ensure you keep your resolutions by working with a Washington business law lawyer at Bountiful Law. Contact us today to schedule an appointment.