Corporate Compliance

If you are a Connecticut business owner, it is important to understand that your filing requirements do not end after you have formed your Corporation. On the contrary, there are additional actions that need to be taken to ensure the Corporation remains in good standing, and to ensure the Corporation maintains its status as a legal entity separate from its owners. Four of these compliance requirements are enumerated below:

Annual Reports

The corporation is required to file subsequent annual reports with the Secretary of the State on an annual basis, on or before the last day of its anniversary month. The State typically sends an email reminder of this requirement; however, the State’s failure to do so will not relieve the Corporation of this requirement.

Agent for Service

You are required to maintain your registered agent in the State. If your agent changes or moves, you must update this information with the State.

Annual Meeting of Shareholders

The Corporation is required to hold meetings in accordance with its bylaws. You should remember to hold periodic meetings, and to keep Minutes of said meetings.

S-Election

If you wish to be treated as an S-corporation (pass-thru taxation), then your election on form 2553 should be made within 2.5 months of your incorporation.

Following these rules will help ensure you remain in good standing, and avoid the penalties that may result from non-compliance.  We are happy to assist you with protecting your business and making sure you remain in corporate compliance.

By |2018-09-04T14:02:45+00:00September 4th, 2018|Blog, Business Planning|Comments Off on Corporate Compliance
Joseph Fournier

Joseph E. Fournier is an Attorney and a CPA who has more than twenty years experience advising and leading companies and individuals in a variety of capacities.

Joe received his law degree from the University of North Carolina–Chapel Hill School of Law and his Accounting degree from the University of Rhode Island. He is admitted to practice law in Connecticut, Massachusetts, and Rhode Island, and he is a CPA. He is an Adjunct Professor and lecturer at the University level and has been a frequent speaker on business planning and legal matters.