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Understanding Your Firm's Status: Legal, Compliance, and Renewal Guide

Understanding the Status of Your Firm

This article provides information on how to determine the status of your firm, including aspects related to legal registration, compliance, and renewal of services.

Types of Firm Status

When inquiring about the status of your firm, it is essential to clarify which specific aspect you are interested in:

  1. Legal Registration Status: This refers to whether your firm is officially registered and recognized as a legal entity by the state.
  2. Compliance Standing: This includes whether your firm is up to date with necessary filings, such as annual reports, which are mandatory to maintain compliance with state regulations.
  3. Renewal of Services: If you are looking to renew services related to your firm, it is important to know the status of your subscription and any associated fees.

Compliance Requirements

To ensure your business remains compliant, there are two primary types of annual filings to consider:

  • Annual Report: This report must be filed with the state where your business is registered. It is mandatory to submit this report every year to avoid penalties.
  • Federal Taxes: Understanding your federal tax obligations is crucial. It is recommended to consult with a Certified Public Accountant (CPA) for guidance on federal tax filings, as the amount owed will depend on your business transactions and overall income for the year.

Subscription and Renewal Information

If you are inquiring about the renewal of your firm's services, it is important to note that your subscription may have been canceled. To renew your subscription, you will need to confirm your interest, and an invoice will be provided.

For example, the Starter Plan costs $297 per year and includes services such as:

  • Operating Agreement/Corporate Bylaws and other company formation documents
  • EIN from the IRS
  • Guidance in opening a US Business Bank Account

Conclusion

Understanding the status of your firm involves clarifying whether you are asking about legal registration, compliance, or renewal of services. Ensuring compliance with state regulations and federal tax obligations is essential for maintaining your firm's active status. If you need assistance with renewals or filings, it is advisable to reach out for support to ensure all requirements are met accurately and on time.