If you have incorporated your small business, then you no doubt understand many of the benefits that come with maintaining corporate status. For example:
- Your business and personal assets are kept separate
- Various corporate structures have different tax benefits
- Corporations can take additional expenses as deductions
- Adds credibility to your business
However, it is important to maintain your corporate status once you have it. Otherwise, those benefits go away in a hurry.
Maintaining the Right Corporate Records
Keeping the books in order is an important element in maintaining a corporation. For example, you need to pay attention to:
- Articles of incorporation
- Annual reports
- Company bylaws
- Shareholder information
- Meeting minutes
- Contact info for directors and officers
This is just a short list of things that need to be kept up with for a corporation.
Complying with State and Federal Laws Regarding Corporations
The federal government and individual states have various regulations that affect S-corporations and other corporate types. Complying with these statutes is vital, so having a business attorney to help you navigate the murky waters of business law is important, especially for small business owners – most of whom do not have a background in business law, accounting, tax law, and other vital elements of running a business. These are things that get outsourced.
But you also don’t want to pay corporate lawyer prices for your small operation. That means finding a business law firm that is a small business, just like yours. A Pokala Law, we’re happy to provide legal advice to small business owners without draining all of your funds. To schedule a consultation, call 1-844-695-1487.