As the owner of a contracting business, it takes a lot of work and effort to stay up-to-date with all of the requirements that need to be met to keep your business in good standing. Are you current with all of your business filings? It is essential that you are keeping up with these things, because failure to stay in compliance can result in fines, penalties and leave your business open to litigation.
Business and Corporate Compliance
There are a variety of tasks that need to be completed to make sure that you are keeping up with the business side of your company. These are just a few of the requirements that need to be met:
- Annual payment of business license fees
- Business license renewals in the cities where you perform contracting work
- Corporate minutes
- Annual statement of information
- Maintenance and documentation of the right insurance coverages
Updating Business Information
In addition to the regular compliance requirements, you also need to make sure that you stay updated if there are any changes in your business. It can take a bit of time to file these changes, but it is essential to make sure that the paperwork is correct.
These are a few of the situations that might require business changes for compliance:
- New address
- Different phone number
- Officer changes
- Any changes in ownership
Anytime a change has occurred in your company that impacts the contact information, location, or ownership of your company, then you need to make sure that you stay in compliance by keeping the information up-to-date with your state and local authorities.
Know Local and State Laws and Regulations
The tricky aspect of keeping up with the requirements is that you need to make sure that you are staying current with the regulations and laws that are specific for your local area. Make sure that you check the rules for both the state and the local governments, because there might be slight differences.
Keep in mind that these requirements change from one state to the next, so there isn’t a master list to help you keep up with everything. In fact, many contractors find that it is easiest to find a quality service to help them stay current with these compliance issues. Handling everything on your own can result in a situation where you miss an important document, but these problems can be easily avoided by hiring an expert to help.
Here at Cal-State Contractors License Service, we offer a number of services to help with your contracting business. In addition to contractor license services, we also have a maintenance plan that makes it easy for you to stay up-to-date with compliance. For more information about the benefits of these services, contact us today: 1-800-454-2776