Spent the Holidays with family? Your mother made her famous "Turkey Surprise" where the "surprise" is explosive diarreah two hours later? Well . . . the Holidays are over. Time to get back to work. Below are 5 to-do's to get your business ready for 2024.
The benefits of getting organized are readily apparent from day one. You'll be less stressed, more focused, and generally a lot happier.
| TO DO | WHY |
|---|---|
| Review Website TOS | New laws and best practices for your internet presence are always coming online (pun intended). Maybe your business grew enough (in terms of followers, website users, etc.) that you have to deal with statutes that didn't apply in the past. Your website TOS are important for risk mitigation. Make sure yours are current and comprehensive. |
| File Annual Reports | Every state except Pennsylvania requires periodic report filings either annually or biannually. Failure to file and pay the fee will result in your entity's administrative dissolution. Then you have to pay even more to bring it back into good standing. |
| File Your Beneficial Ownership Report | In its infinite wisdom, Congress decided to crack down on money laundering by requiring almost all corporations and LLCs to file a bunch of paperwork that no one will ever look at except maybe Russian hackers, the Chinese government, and the occasional pissed off federal law enforcement officer. You know who the government isn't so concerned about when it comes to money laundering? Banks and insurance companies. While you're pondering that one, remember existing corporations and LLC's have until January 1, 2025 to file and new ones (formed on or after January 1, 2024) have 30 days. |
| Hold an Annual Meeting | Corporations have annual meetings. It doesn't have to be fancy or even really a meeting. You can dress up in suits and meet in the nicest conference room in your Manhattan skyscraper or have a night out with the boys at a strip club in Paramus, New Jersey. Most annual meetings involve appointing or reappointing directors and reviewing financials. Some entail inviting "Jasmine" to the stage. We don't judge as long as you keep minutes. |
| Get Organized | A lot of entrepreneurs resolve to get organized for the New Year. Oddly, it's not one of those resolutions that usually go by the wayside like going to the gym, losing weight, and being nicer to your inlaws. The benefits of getting organized are readily apparent from day one. You'll be less stressed, more focused, and generally a lot happier. Until your inlaws show up . . . but that's not our problem. |