As the end of year approaches, business owners are busy. Still, it’s always a good idea to take stock of your business and make sure any nagging to-dos are taken care of now. Regardless of the Washington or Oregon business setup that you have, there are always important aspects of your business to consider, including everything from taxes to business entity maintenance. Here are some tips to keep in mind as your business wraps up this year.
Have an Annual Meeting
As the manager of a corporation or an LLC, it’s procedure for you to have an annual meeting for the business. Even if you have another business entity, it’s probably wise to gather together the high level individuals in your business to discuss the status of the company and look to the future. You should have written minutes as well, signed by the shareholders or members of the business. If you have any business that’s no longer active, now’s also a good time to think about business dissolution.
File Your Annual Report
Another important item on the agenda is to file an annual report with your state. Make sure you haven’t missed the deadline, which is usually at the end of the year, or at the beginning of the following year. Either way, it helps to get prepared for it. The state asks for an annual report to see that your business is still active and to make sure information regarding your business is up to date.
Review Your Taxes
Even if tax season isn’t for several months yet, the end of the calendar is always a good time to review your tax obligations and make sure that nothing has fallen through the cracks. Check your records to see that everything is where it’s supposed to be. Double check that you’re not forgetting any deductions. Try a tentative calculation of your taxes for the year so that you know whether you’ll need to set aside additional funds to cover the bill later on.
Don’t forget, you can also talk to a business attorney in Seattle or Portland for more advice on which activities your business should take care of before the end of the year. Attorneys work with business owners and managers every day, so they should be able to function as a fallback in case anything slipped your mind this year.