Annual Maintenance Check-in: Corporate Identity Practice Checklist Feb 08, 2022
Corporate identity requires yearly maintenance and an occasional check-in to ensure compliance and keep operations running smoothly. Ongoing maintenance is especially important after the last few years have presented significant changes and difficulties for many businesses. Here’s a list of some of the basic annual tasks to keep your corporation on track:
1. Keep up all Annual Report filings with the Secretary of State where your corporation is incorporated and ensure addresses and contact information are current.
2. Operate only under the registered corporate name or the registered trade name.
3. Make sure that third parties dealing with the business know that it is in fact a corporation.
4. Maintain trade name filings with the relevant Secretary of State.
5. Do not give personal guaranties or otherwise risk personal liability. Do not sign contracts personally.
6. Keep all corporate financial transactions separate from personal financial matters.
7. Carry appropriate insurance for company vehicles.
8. Document any indebtedness owed to shareholders.
9. Periodically update corporate pension plans.
10. Document significant company capital transactions.
11. Maintain annual corporate minutes and records.
Although not a comprehensive list, this list should help serve as a quick reminder of some of the key issues and documentation you should be preparing and maintaining for your corporate identity. Give us a call with questions, or if you need any assistance with any of the above.
MLMW is a business, real estate, finance, and litigation law firm. Craig T. Watrous is a Colorado business attorney with MLMW based in Denver, Colorado. Craig regularly represents corporations. Craig can be reached at cwatrous@mlmw-law.com .