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What does my business need to do before the year end? Part 1

On Behalf of | Dec 8, 2022 | Business Consulting & Advice |

You have endured countless ups and downs, made several wins, and a handful of losses. Well, that’s how business works. And as the year comes to an end, you are probably pushing through the crazy holiday. Clearly, free time is hard to come by. But that does not mean you can overlook what lies ahead. 

Here are three things you should do before the end of the year in order to set up your business for a successful year ahead. 

1. Conduct an annual meeting and file the annual report with the state.

For your business to maintain its active status, you will need to file an annual report with the state of Florida. While you have until May 1st to file this report, you are better off taking care of it at the end of the year. That protects you from incurring late fees and prevents your business entity from being dissolved. 

2. Update the business minutes and document changes.

Business strategy changes from time to time – and so can other aspects of your company. Your annual meeting needs to be held according to your bylaws (if applicable), and major changes in your company need to be discussed and recorded. 

3. Attend to license renewals.

Pretty much every business with an income stream requires some sort of license, registration or permit to legally operate in full accordance with local, state and federal regulations. Most of these become due for renewal at the beginning of the calendar year. Failure to handle this job in a timely manner could cause significant legal problems in the future.

Business compliance with local, state and federal regulations is key to running a successful business. We help businesses struggling with compliance issues. Contact us for a consultation.