The New Year is typically a time of reflection and planning for individuals. It is also a great time for your business to catch its breath and do the same thing.
Many companies use the beginning of a new year to audit legal issues and consider such items as:
- Are we in compliance with all state corporate laws?
- Do we have all the appropriate licenses or permits required by local, State and Federal governments?
- When should we hold our annual board meeting and/or stockholders/members meeting?
- Is our corporate minute book up to date? Have we advised our counsel of all major transactions?
- Are there any tax benefits that we must exercise prior to the end of the year?
- Is our business succession plan in place and up-to-date?
- Have our employment agreements and non-competition agreements been reviewed and updated to reflect current law?
- When was our employee manual last reviewed and updated?
This review is especially timely for those doing business in the District of Columbia because of the D.C. government’s current amnesty program. From now through December 31, 2012, D.C. will not subject businesses to otherwise significant fines and penalties when they come into compliance with business license and corporation laws. Specifically, the amnesty program covers:
- Businesses operating without a valid business license (only licenses that expired prior to August 1, 2012 qualify for this amnesty).
- Businesses operating without current registration with the DCRA Corporations Division (e.g. incorporated businesses, limited liability companies, partnerships, etc.).
- Businesses operating without current registration of their UPC scanners, commercial weights or scales, produce scales or gas pumps.
If your business falls into any one of these categories, whether it operates in D.C. or elsewhere, it is important to speak to us about bringing your business into compliance. Our goal is always to reduce your liability for penalties and fines. Even more importantly, if you are operating without a business registration or your entity is not in good standing you may be exposed to personal liability.
For more information about these issues, please contact Ginny Cascio at (240) 778-2308 or firstname.lastname@example.org.