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homephoto Keeping your Business in Compliance and Avoiding Penalties

For a small business, the number of filings and fees required in a given year can be overwhelming. Here in California, a newly formed corporation must obtain a Federal Tax ID number (free), file Articles of Incorporation with the Secretary of State ($100), file an Initial Statement of Information ($25), elect S Corporation status if desired (free), file a Fictitious Business Name Statement with the county recorder ($29), and publish this statement in the local newspaper ($101). Each business is also required to file an annual statement of information on the anniversary date of the corporation's filing date ($25). Then, there's other paperwork like meeting minutes or Articles of Amendment, if you make any changes.

This may seem like trivial paperwork, but it's actually pretty important. Failure to file required paperwork can lead to fines and penalties. And as California is facing rising budget deficits, they're looking to ramp up their collection efforts and increase revenues any way possible. The penalty for failing to file your annual Statement of Information is $250 with no exception!

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