The “ACTION” items below are critical to the continued success and growth of any business.
Protect Your Business Name and Trademarks : Building a powerful and meaningful brand is a top priority for most small business owners. Unfortunately, protecting that brand from infringing, unscrupulous competitors often takes a back seat when we are overwhelmed with the other daily activities of running a business. By taking a few simple steps today, however, you can protect your brand from unscrupulous competitors and “cyber-squatters” who literally “steal” your customers and potential clients by registering a trademark with the United States Patent and Trademark office (USPTO).
ACTION ITEM: Register My Trademarks and Brands with the USPTO
Ensure My Corporate Records are Current : The corporation or LLC is the smartest and most preferred business structure. With a protective business structure, however, comes certain responsibilities and required state and county filings. If not timely filed, you could face penalties, the loss of my personal asset protection, or even a state initiated business dissolution (i.e. the state can actually dissolve your business).
ACTION ITEM: Hold your annual meeting, record any minutes needed to reflect actions taken during the year, speak with a corporate compliance filings expert to determine whether we need to make any state or county filings, review current licenses and any changes in state or county licensing requirements.
Confirm “Good” Corporate Standing : The benefits of the corporation or LLC are only incurred where a corporation or LLC remains in “Good Standing” with the state office. There are a number of reasons by a business may fall into “Bad Standing.”
ACTION ITEM: Check with the state office to ensure “Good Standing”
Dissolve an Inactive Business : It’s rarely pleasant. However, when a business fails or winds down for some reason, a state filing is usually required. If you fail to comply with the state filing requirements associated with dissolving or winding up my business, you could PERSONALLY be held liable for taxes, penalties, and other fines.
ACTION ITEM: Prepare and submit state filing needed to dissolve any inactive businesses.
