Small Business Tax Savings Podcast Business Entity Compliance 101: What You MUST Know
May 21, 2025
Nellie Akalp, CEO of CorpNet and an expert in business compliance, joins the conversation to unveil the intricacies of maintaining entity compliance for LLCs and corporations. She emphasizes the risks of non-compliance, from fines to losing your business. Discover the essential documents every business owner should keep track of and the importance of a compliance checklist. Nellie also demystifies when to DIY, hire a service, or consult a lawyer, and addresses common myths about forming entities in different states.
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Maintain Entity Compliance
- Keep your LLC or corporation compliant by filing annual reports and maintaining required documents like bylaws or operating agreements.
- Designate a registered agent and ensure timely filings to avoid penalties and maintain good standing.
CorpNet's Compliance Oversight Story
- Nellie shared CorpNet's experience where their accountant missed renewing an annual report, causing their registered agent status to lapse.
- This highlights the importance of proactive compliance management to avoid legal and operational issues.
When to Use Services or Attorneys
- Consider using a service like CorpNet for entity formation to save time and ensure all legal documents and filings are correctly handled.
- Use attorneys only when legal issues arise or complex shareholder/member protections are needed.