YEAR END ACCOUNTING - YEAR END CHECKLIST
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
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 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. Dissolution and 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 pay taxes on them in 2017.
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