What are Business Compliances?
Business Compliance refers to the various Tax Returns, filing and documentation etc. you have to mandatorily complete or maintain for your Business. They are necessary to be completed timely as they are statutory compliances required by various Government Bodies.
What factors determine Compliances for your Business?
- Constitution – Business Compliances applicable for you depends on the specific constitution of your Business. For instance the compliances for Corporation are more stringent as compared to a LLC.
- Industry – The Industry in which you operate. For example the compliances to be adhered for a financial business is different from the compliance requirements of a manufacturing Business
- Location-The state or states in which you operate. The USA is combination of 50 states and 1 Federal District Washington DC. Every state has it’s own set of rules and tax structure. Thus , your compliance requirements differs from state to state.
Why Compliances are important?
- Failure to complete compliances may result in hefty fine and penalties for the Business
- The Business may lose it’s Good standing which in turn adversely effects the goodwill and revenue of the Business.
- The corporate veil can be pierced wherein the stakeholders would personally be responsible for the Corporation liabilities.
What is the broad framework to be compliant?
- Keeping up-to-date set of laws , regulations and Checklists
- Adhering to the documented processes and checklists.
- Recognizing and taking remedial steps in areas where business is not complying.
- Implementing process to report their compliance with concerned authorities
Why Choose The Tax Planet?
- You want an expert and sustainable compliance memoranda.
- You can’t afford to have a huge risk because your transactions and compliance requirements are dynamic.
- You want the safest and environmentally compliant company, but no one has the time to lead the effort.
- Your internal resources need further assistance.
Our Compliance Services Include:
- Business Registration
- Registered Agent Service
- Annual Reports Preparation and Filing
- Business Licenses
- Drafting of Bylaws and Operating Agreements
- Certified copies of Corporation or LLC documents
- Defining and Maintaining Internal Compliance requirements for your Business