BizSugar.com › Management › Is Your Business Compliant for the End of the Year?

As the year draws to a close, it’s an important time to review your company’s business compliance and legal standing and make sure you’ve kept up with all your legal requirements.
Forming a corporation or LLC is an excellent way to formalize your small business and protect your personal assets. But maintaining a corporation or LLC is more involved than a sole proprietorship. You have to know and follow the rules to keep your business compliant and in good standing.
The steps are simple, but they’re important: failing to keep your corporation or LLC compliant can result in added fees and penalties. In worst case scenarios, failing to stay compliant can cause your business to go into “bad standing” with the state. You can lose your personal liability protection, putting your personal assets at risk.