SmallBiZ Secretary Help!


What is meant by corporate compliance?
 

Every corporation, with few exceptions*, must take care of formal initial and ongoing compliance actions. These include: 

Ø  hold an organizational meeting,
Ø  elect officers,
Ø  adopt bylaws,
Ø  issue stock,
Ø  hold annual meetings,
Ø  document all major actions in writing,
Ø  complete annual state filings, and
Ø  more.


If your corporation does not do ALL of these things, in a timely manner, it is not compliant under its state’s statutes.

 

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* One exception is the Close Corporation