Time to Renew!
The corporate annual renewal season for 2018 began on January 1st. The last day to renew your company (corporation, limited liability company, etc.) is April 1, 2018. If you renew after that date, you will have to pay a $25.00 late fee on top of the normal registration fee.
Many people think that renewing the company online is all that needs to be done. Don’t make this simple mistake.
Things to Remember…
For most small business owners, one main reason you incorporated in the first place was to shield your personal assets from liabilities of your business. Failing to properly maintain the corporate records of the company in compliance with the governing corporate agreements (Bylaws, Shareholder Agreement, Operating Agreement, etc.) is one important factor in a court deciding whether to ‘pierce the corporate veil’ and assess liability for company debts to the owners of the company. You can avoid this situation easily and inexpensively.
What you should do each year for corporate governance:
Hold an annual meeting. Unless your company documents indicate that no meetings are required, chances are you need to hold one meeting each year for the shareholders or members. If you have a board of directors, you will need to hold a meeting for this as well;
Prepare ‘Minutes’ of the meeting. This is a record of the meeting: who was there; when it occurred; what was discussed; and what was decided. This will be sent to all participants for comments and then signed by the Secretary of the Company and filed with the company records;
Renew your Registered Agent agreement. If you use a commercial registered agent, or your attorney to act as your Registered Agent, be sure you have renewed with the agent and paid any required fees.
Update Your Registration. Make any changes to the business addresses, corporate officers or registered agent when you file your annual registration. You can do this online here.
Many clients request me to help renew their company and provide the necessary documentation to them on an annual basis. I am happy to do this on a flat fee basis, in most cases. You can reach me by email or phone at 404-881-6010.
As always, best of luck in business today.