Each year, Georgia businesses are required to take certain actions to continue to do business legally within Georgia. Here are a few of the actions, annual renewals, etc., you may be required to take:
Entity Status Renewal
In Georgia, every corporation, limited liability company, partnership, etc., that is filed with the Secretary of State must file an annual renewal. The deadline for annual renewals is April 1st of each year. If you miss the deadline, you can still file the renewal but you make be subject to a late fee for failing to file by the deadline.
Business License Renewal
Business license renewals are also due during the first quarter of the year annually. Most cities and counties send a renewal notice as well as the required renewal paperwork in January for completion. If you did not receive anything regarding renewing your business license, many local municipalities have information online that you can access and complete the renewal.
Annual Meeting Minutes
Do your bylaws, operating agreement, or partnership agreement require annual (or more frequent) meetings of the board, members, partners, etc.? If so, did you hold the meeting and document it in the company minutes? Holding the required meetings and documenting them may seem like a nuisance but in the event that you plan to sell your business at some time in the future, the buyer’s due diligence will likely include a request to review these documents. It is always easier to document the actions at the time taken rather than trying to go back and document events that happened several years prior, so consider making this a part of the annual renewal process.
Each company’s needs are unique and this article only provides a brief, general introduction to some of the annual requirements of companies in the state of Georgia. At Grissom Law, LLC, we work with small businesses to file annual reports, prepare corporate documents, etc. as needed. Call us today at (678)781-9230 or email us at sgrissom@grissomlawfirm.com to schedule an appointment.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.