Annual Reports: Corporations and LLCs must file an annual report every year. You can complete this process through the Secretary of State’s website, or I can handle it. Failure to file your annual report can lead to the State dissolving it, leaving you with no legal protection. Remember, corporations need to file within 2.5 months of their fiscal year.
Corporate Annual Meetings: Under statute (G.L. c. 156D), all corporations must hold an annual meeting with their shareholders, even those with a sole shareholder (which are the easiest to schedule). The report need not be overly complicated; it should just set out who was present, what was discussed, and any votes that took place.
Beneficial Ownership Information Report and the Corporate Transparency Act: A Fifth Circuit panel vacated its previous decision, preventing the CTA’s enforcement. The issue has been forwarded to a “merits panel” for further consideration, with briefings in February and oral arguments scheduled for March 25, 2025. The court’s decision will follow the hearings. You don’t need to file it; however, I recommend you file it and get it out of the way. It is free and will take only 10 minutes.
Contract/Agreement Review: You should have me review all your contracts (e.g., partnership, joint venture, vendor, client, lease, etc.) Ensuring that all your contracts are up-to-date and relevant is essential for maintaining smooth operations, protecting your interests, and fostering long-term business success. Plus, your business evolves, and so do the risks it faces. A yearly contract review helps identify potential vulnerabilities or outdated clauses that may no longer favor you. Knowing that your agreements are current, legally sound, and reflective of your business’s present state reduces stress and lets you focus on growth and innovation.
If you have a question on these topics, please contact me. Thanks!