How Can Your Business be Dissolved? When you incorporate a business, you must register your entity with your state. Then, most states require entities to renew with your state. It's often referred to as filing your "annual report."
❓Is your business in "good standing" with your State regulatory authority?
Category: Business Operations, Business Structure
Here's an article about an annual report by state:https://www.corpnet.com/blog/annual-report-list-by-state/
🎯 Goal: Locate your state’s reporting page online. Make sure you bookmarked it and that you're enrolled in their email reminders for when the annual report is due.
In Connecticut, we must renew our annual report by the end of March of each year. It was $20 per year until 2021 when it increased to $80 per entity.
🚧 Actionable Item: Schedule this in your calendar for each year to be ready.
Believe it or not, when we worked with hundreds of businesses during COVID, many had no idea this was a requirement and therefore, SBA declined their loan because their state didn't have them in good standing.
Find out more about the project: https://auroraconsulting.biz/lets-glitch/
Welcome to the Biz Glitch 366 series where we discuss 366 mistakes that we've made and seen in business over the course of 6 decades collectively.
We'll share a mistake of the day aka GLITCHES. We've organized the 366 glitches into 21 categories. Accounting, Bookkeeping, Branding, Business Growth, Business Operations, Business Structure, Credit Score, Culture, Customer Service, Cyber Security, Financing & Financials, Human Resources (HR), Insurance, Marketing, Mindset, Legal Issues, Outsourcing, Sales, Technology, Training/Education, Website Management
WHO WE ARE:
60+ years combined of owning, running and managing businesses and working with thousands of business owners to understand how business can be fun or it can falter.
Know ahead of time what mistakes to manage and what problems to prevent...BECAUSE THEY HAPPEN!
https://auroraconsulting.biz/lets-meet/
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