Successful companies know that now is the time to finalize year-end and position yourself for 2016. Here are some suggestions to get you ready:

  • Business Licenses, Permits, or Registrations: Companies change over time and so do regulations: Be sure to review your business licenses, permits, or registrations in light of recent business activities and events. Some states take several weeks or longer to process some filings.
  • Business Status or Other Changes: Take action now to wrap up this year’s business change filings. If you stopped doing business in some states, closed a company, or made other changes, avoid additional fees or penalties by completing your withdrawals, dissolutions, cancellations, or reinstatements.
  • Compliance “Best Practices”: Avoid unexpected penalties or needing a reinstatement by confirming company good standing and ensuring your annual reports are up-to-date. Other items to revisit include independent director and corporate staffing, amendments, assumed name or DBA registrations or other name issues, and registered agent information.
  • 2016 Growth Planning: Prepare now for growth into new states and new state registrations. Doing a name reservation now could help ensure your name will be available when you want it. And, for any international business opportunities, ensure you have global support that fits your business.
  • 1099 Preparation: Make sure you have EINs for all 1099 vendors. Also, verify you have the most current address. The deadline for sending out 1099s for 2015 is February 16th.
  • W2 Preparation: Make sure you have SSNs and current mailing address for all employees. Some states tax at the county level and if an employee has moved you may be caught off guard. The deadline for sending annual wages reports to the IRS is March 31 and W2’s should be distributed to all applicable employees by January 31st.
  • Business Insurance: Do you have adequate insurance protection based on your current company size and for expansion? Have you added equipment, taken on additional space or reduced the size of the company? All of these items require a change in insurance. Also, some clients require their vendors to carry a minimum amount of insurance. Make sure to review contracts and agreements to be sure your company is in compliance.

Why put it off? Use the items above as a starting point to create an annual business review checklist.