Yearly Maintenance Check-in: Corporate Identity Practice Checklist Mar 15, 2021
Corporate identity requires yearly maintenance and an occasional check-in to ensure compliance and to keep operations running smoothly. This maintenance is especially important after last year 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:
- Keep up all Annual Report filings with the Secretary of State where your corporation is incorporated. Ensure addresses and contact information are current.
- Operate only under the registered corporate name or the registered trade name.
- Make sure that third parties dealing with the business know that it is in fact a corporation.
- Maintain trade name filings with the relevant Secretary of State.
- Do not give personal guaranties or otherwise risk personal liability. Do not sign contracts personally.
- Keep all corporate financial transactions separate from personal financial matters.
- Carry appropriate insurance for company vehicles.
- Document any indebtedness owed to shareholders.
- Periodically update corporate pension plans.
- Document significant company capital transactions.
- 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 firstname.lastname@example.org .)