Running a business in compliance with North Carolina laws is necessary, but time-consuming. Time is a commodity when running a business and it’s easy to forget to submit important documents by deadlines every quarter or year. Failure to file can be costly for you in the form of fines and you may be forced to close your doors until a vital license has been properly renewed. Instead of running afoul of the law, let a Charlotte, NC business accountant do the work on your behalf and save yourself the headaches.
Maintaining Business Licenses for Your Company
The state of North Carolina does not have one specific license that covers all business operations and allows each municipality to set its own licensing requirements. In other words, some businesses won’t need a license while another may need a multitude of licenses to cover all aspects of the operation. Charlotte has a variety of licenses that cover specific business activities such as selling alcohol at an establishment, but also has no licenses that are specific to the operation of a business. However, you do need to have licenses for certain businesses and they need renewal on a regular basis. If you find it’s something that slips your mind frequently, you should consider giving the work to your Charlotte NC business accountant so you don’t have to worry about an expired license.
A business accountant maintains your licenses on your behalf by keeping fees paid and renewals submitted in a timely manner. What this means for you is your business keeps its doors open without interruption.
Keeping Your Business in Good Standing
Some businesses with a corporate structure are required to file an annual report with the state. The purpose is to keep the information updated in case someone wants to find out who to contact within a corporate structure. But filing the annual report isn’t straightforward as different types of corporate entities have to file by a date that’s specified by the state. For example: if you have a partnership that’s an LLP or an LLLP, you have to file four months after the day the fiscal year ends and by the 15th day of the fourth month. And you have to keep your business in good standing in order to maintain licenses and apply for permits among other business activities.
It’s a lot of paperwork to track and submit every year. Instead of getting into a time crunch because you almost forgot to fill out the forms for filing, let your Charlotte business accountant do it for you. The benefit to you is you don’t have to worry about organizing the paperwork and submitting it on time. Instead, it’s in the hands of the accountant who keeps track of annual filings for clients. She gets the forms filled long before their due date, make sure you’ve seen them and understand what’s been entered, and submits them to the Secretary of State by the due date. In turn, you get your renewals done with ease because the corporation is in good standing.
Maintaining Records of Corporate Officers
Sometimes there’s a reorganization of the corporate officers that requires changing the officers on record with the state. An officer decided to leave the corporation and someone else was appointed to take their place or someone new was added to the corporate structure and they need to be added to the record. It’s a job that a Charlotte, NC, business accountant can handle internally as well as file the changes with the state. In essence, the accountant is a neutral third party who’s keeping the record of corporate officers, something that can be valuable in the event an election or appointment gets contested. And there’s the simple fact that the accountant files the changes with the Secretary of State to make it part of the official record.
An accountant gets the job done on behalf of the business and eliminates the risk of paperwork not getting filed simply because someone failed to mail an envelope. It’s peace of mind and security for the business.