b. Compliance Requirements for forming an Entity

Part of forming a business is a large layer of paperwork. A smart business owner will delegate this task – while maintaining an awareness of the paperwork filings that are required based on your entity type. Missing a filing can cost real dollars – from late filing fees (which can be several hundred dollars) to losing your entity liability protection (which can cost you $$$$).

Common requirements:

• Annual Income Tax Filing – Fed  & State(s)
• Annual Filing with Secretary of State
• Annual Minutes
• Sales Tax Returns – State only
• Employment Tax Return – Fed & State
• Business Property Tax Return
• Annual Business Licenses – City
• Quarterly Estimated Tax Payments – Fed & State

Review the following link to familiarize yourself with some of your responsibilities. Each state has different rules, so be cautious.

http://www.bizfilings.com/Learn_About/Compliance_Requirements_And_Consequences