A few Mouse Clicks or A Stamp - File Your Paperwork

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paperwork, office, state documents, business tips, strategic consulting
Some of the frustrations of running a small business are the tedious tasks that have nothing to do with your trade or profession. Yet, they are equally important and can often trip you up, stifle your growth, or possibly close you down. Knowing the potential ramifications for not addressing these tasks should make them a priority, but I still find many businesses ignoring them until they grow from a small task to a large problem.

For example, in Michigan you have to file your business or corporation paperwork on an annual basis. This Annual Report comes with a $25 filing fee and is due by February 15 for your LLC and PLLC and by May 15 for your Corporation or PC. Late fees and reinstatement fees can be added if these are not addressed in a timely manner. The reminder letter and paperwork are sent to you automatically each year or you can file online at the LARA corporation’s division website.

This is a tedious distraction but necessary to operate your business. Failure to file this paperwork can impact your ability to maintain your business in Michigan, affect your relationship with your bank or credit union, and could potentially cause you to lose your business name as it is susceptible to takeover if your paperwork is not properly filed. Even if nothing bad happens from the failure to file, you still needlessly waste money by paying late fees or reinstatement fees for something that was easy to do, yet you ignored.

state documents, filing paperwork, filing state documents, business tips, calendar reminders

I often hear the excuse, from the business owner, that they didn’t receive the paperwork and that is why it wasn’t filed. Yet, after several years of missing the same form it becomes harder to believe that it’s the post office’s fault. And even if it is true, it will not be a valid excuse if something happens to stop your business from operating. Pay attention to the important deadlines for your business and file your paperwork. Mark your calendar each year and instead of waiting for the mailed copy, jump online and in a about three minutes you are done for another year.

Donald A. Shampine, CIC, CRM
President

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