When you first started your business, you probably never took any real notes of your meetings with your partners. Everything was handled verbally or over email.
Well, times change. Now that you’ve grown, you have a lot more rules you have to follow. Once you incorporate, there are some definite “housekeeping” tasks that are important when it comes to complying with governmental regulations.
To avoid problems, you likely need to keep more extensive records once you establish your business as a corporation or limited liability company (LLC). Federal, state and local laws alike may require you to keep the following:
Typically, an LLC will have fewer regulatory requirements and paperwork than a corporation, but the record-keeping may seem overwhelming if you’re used to operating without it.
Most developing businesses struggle with regulatory compliance issues when they first start out. It isn’t always easy to understand what you need to do — or keep — for the future. To protect your interests, it’s wise to have an experienced attorney’s assistance as you move forward.