Guide to Managing Your Existing Business Filings
There's nothing more satisfying than running your own business. You get to pursue your passions, set your work schedule and secure your financial future. However, managing an enterprise also presents several challenges, such as maintaining compliance.
As compliance requirements differ by state and company type, knowing which documents to submit can be complex. Firstep Business Solutions helps to keep your business in good standing while you focus on what you do best — growing your company. Learn more about our compliance services and how to leverage them to ensure your success.
EIN Services
Applying for an employer identification number (EIN) is often the first step in managing your business. The Internal Revenue Service (IRS) requires this nine-digit number to identify your enterprise and process your taxes. Once you have an EIN, you can perform business tasks, such as:
- Opening a bank account and applying for credit
- Establishing vendor accounts
- Hiring and compensating employees
Who Needs an EIN?
Whether you own a large-scale business or are a freelancer, you're eligible to apply for an EIN. While there are some cases where an EIN is not required, businesses that fall into these categories must get one for tax purposes:
- Limited liability companies (LLCs)
- Corporations
- Sole proprietors
- Partnerships
- Nonprofit organizations
EIN Application Process
Firstep Business Solutions makes it easy for businesses to apply for EIN by completing and submitting all necessary paperwork. You'll need to specify the following details:
- Business type
- Purpose of application, such as new business, change of company type or IRS compliance
- The date you started or acquired your business
- The industry you operate in
Annual Report Filing
According to the United States Small Business Administration, most states require businesses to prepare either an annual report or a biennial statement. You will need to submit all aspects of your annual report compliance and corresponding fees on your business inception date or the date specified by your state.
The purpose of an annual report is to indicate that your business is still in operation. In addition, the annual report is an excellent opportunity to outline any changes related to your business's address, registered agent information or directors' information, as most states don't charge for these amendments.
While most states won't require you to include financial information, it's advisable to share:
- An overview of products and services
- Investor information
- Milestones of the past year
- Information related to new initiatives
- Details of management discussions
Business Information Amendments
In the business context, change is not only expected — it's crucial to your success. Some common changes companies undergo include:
- Business name changes
- Appointing a new registered agent
- Structural changes, such as the appointment of new members or directors
- Entity changes, such as evolving from an LLC to a partnership
- Changes in your business address or other particulars
Why You Need to Declare Changes
You need to notify your state of business changes for two primary reasons:1. It indicates the appropriate company representatives agree to the changes.
2. The state is aware of the new nature of your business, enabling them to certify your entity.
Moving your business to a different location or rebranding your enterprise with a new name are already time-consuming tasks without factoring in the required paperwork. Firstep Business Solutions assists businesses in accessing the correct forms to document changes, ensuring you remain compliant throughout transitions. With our help, you can:
Why Compliance Matters
Failing to submit compliance documentation on time can result in the following outcomes:
- Your business may be subject to an audit.
- You could face legal challenges.
- Regulators can impose a costly fine or penalty.
- Your company could be suspended or closed down.
Benefits of Outsourcing Your Compliance
Firstep Business Solutions has worked with over 100,000 LLCs, corporations, sole proprietors, partnerships and nonprofit organizations to ensure their compliance. Here are just some of the reasons why these businesses partnered with us:
- Save time: Between fostering client relationships and managing employees, there are not enough hours in the day. Outsourcing your compliance tasks helps you free up more time in your schedule for other essential tasks.
- Receive expert advice: Compliance regulations are ever-evolving, making it challenging for business owners to stay up to date. Partnering with a specialized compliance team allows you to access the latest state requirements to maintain your good standing.
- Allocate spending: Instead of hiring an in-house compliance officer, partnering with a third-party provider ensures you only pay for the services you need.
- Conduct seamless business operations: Failing to submit compliance documents on time disrupts business operations. A reliable compliance services provider ensures you never miss a deadline and incur costly penalties.
- Attract top candidates: Maintaining your compliance helps to attract and retain top talent.
You've done the hard work already by setting up your small business — now, ensure it remains in good standing by maintaining your compliance.
Firstep Business Solutions helps enterprises like yours apply for an EIN, submit annual reports and make necessary business changes. Our unparalleled customer support and fast turnaround times also ensure greater peace of mind throughout the process. Find out how our superior services help you manage your existing business, and reach out to our knowledgeable team for personalized support.
