Pick up any book on starting a business and you will likely find a checklist of things to accomplish in the process of getting the business off the ground. One of the main tasks that needs to be taken care of is to fill out any sort of registration paperwork (and pay the fees) and address licensing needs for the type of business you are starting. What many small and new business owners overlook, however, is that many of these registration and licensing requirements are periodic and ongoing. They need to be renewed on an annual or periodic basis in order to keep the business legal.
When you fill out your initial registration paperwork (or forms if you are doing it online) be sure to see if it is something that needs to be renewed every year (or every two years, five years, etc.) It will be up to you to keep track and do the renewing or updating. If you business changes locations or the address changes, you might not get any reminders that are sent via mail and many agencies do not even send reminders but expect you to be on top of your licensing and registration requirements. For details, visit: https://cindysnewmexicollcs.com/Forming-an-LLC
Assumed Business names need to be renewed every couple years in most states and if you should let it lapse, the name becomes available for someone else to use LEGALLY. You may continue using the name without realizing that someone else now has legal claim to the name simply because you did not renew your registration.
In addition to renewals and ongoing requirements, keep in mind that laws and regulations do change and it is up to you to keep track of the changes in requirements for your business. Just because you may have set the business up initially in a legal manner and paid attention to all of the licenses and registration, this does not mean that there will not be changes or additional requirements down the line. Of course, this can mean additional expenses as well. Check in with your local and state agencies periodically to make sure that your business is still in compliance and that there have not been any changes that affect your business. Likewise if the focus or operations of your small business should change, it may change the licenses and registration that you are required to acquire.
When you fill out your initial registration paperwork (or forms if you are doing it online) be sure to see if it is something that needs to be renewed every year (or every two years, five years, etc.) It will be up to you to keep track and do the renewing or updating. If you business changes locations or the address changes, you might not get any reminders that are sent via mail and many agencies do not even send reminders but expect you to be on top of your licensing and registration requirements. For details, visit: https://cindysnewmexicollcs.com/Forming-an-LLC
Assumed Business names need to be renewed every couple years in most states and if you should let it lapse, the name becomes available for someone else to use LEGALLY. You may continue using the name without realizing that someone else now has legal claim to the name simply because you did not renew your registration.
In addition to renewals and ongoing requirements, keep in mind that laws and regulations do change and it is up to you to keep track of the changes in requirements for your business. Just because you may have set the business up initially in a legal manner and paid attention to all of the licenses and registration, this does not mean that there will not be changes or additional requirements down the line. Of course, this can mean additional expenses as well. Check in with your local and state agencies periodically to make sure that your business is still in compliance and that there have not been any changes that affect your business. Likewise if the focus or operations of your small business should change, it may change the licenses and registration that you are required to acquire.