Many aspects of a business change throughout the year. Small businesses are required to file an annual report. This report records these changes and keeps up-to-date information about the business.
Judging by the name, small business owners file an annual report with the secretary of state. Almost every small business must have a business license. Business licenses will vary according to industry and location. Once an LLC is established, the IRS issues the small business with a nine-digit number called an Employer Identification Number (EIN). This number allows you to file tax returns.
Having a DBA allows your business to do business under this fictitious name. You can accept payments using a DBA.
What else does my business need to stay in compliance?
There are additional areas of external business compliance for small business owners, including designating a registered agent and obtaining a certificate of good standing.
Every business must have a thorough understanding of what they need to stay in compliance and how they may obtain these assets. If you are uncertain as to what is necessary for your small business to stay in good standing with its state of incorporation, reach out to your local Secretary of State. Determine what applications and forms you’ll need to file, payment fees you’ll need to include, and the appropriate point of contact for submitting this information. You’ll be able to maintain a bit of peace of mind in knowing your business is in compliance.