375: Keeping Your Company in Compliance

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4 • 584 Ratings

🗓️ 23 February 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Mark and Mat discuss how to maintain your LLC & Corporation with the state and IRS so you have maximum asset and audit protection if anything goes wrong. For our Company Maintenance Program to make sure you never have to worry go check out: kkoslawyers.com For more episodes and information head over to mainstreetbusiness.com Grab my eBook 30 Unique Strategies Every Business Owner Should Know! You don't want to miss this! Secure your tickets for the #1 Event For Small Business ...

Transcript

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0:00.0	Welcome, everyone to the Main Street Business Podcast with Mark Kohler and yours truly Matt
0:11.3	Sorensen.
0:12.3	We are excited to be with you today.
0:14.5	And we want to help you stay out of trouble.
0:16.5	That's kind of part of the topic today.
0:18.5	Because it sounds like a parental lecture to a teenager let me
0:23.5	you know this is what it's kind of going to be a little bit today hey but you need to know
0:27.9	this stuff just like some of the crap you parents need to tell your kids and we heard from our
0:32.1	parents yeah are we going to say are we going to say nothing happens good for your company after midnight?
0:39.5	That's right.
0:40.4	Just be home.
0:41.7	Anything after midnight, you're going to get in trouble.
0:44.1	So.
0:44.5	Let's just think of any business that's selling something after midnight.
0:47.7	Also, okay.
0:50.1	Dark side of the business world.
0:52.0	That's a separate podcast, what to tell your teenager to and not do.
0:56.0	So, but today we want to help you business owners, whether it's an LLC, an S corp, a corporation, a partnership.
1:02.7	What are the things you need to do for basic asset protection?
1:06.5	This is the low-hanging fruit.
1:07.9	This is easy stuff.
1:08.8	It doesn't, we're not selling some package that, you know, in the thousands of dollars or that you've got to do in order to be compliant. It's really kind of, it's like eat healthy, rush your teeth, go to bed on time. All of a sudden, you're healthy. It's kind of your company. Like, what are the little things you got to do? Yeah. Yeah, you got to work it out. It's got to do a couple things every year. So we'll talk about that. But it's not just about asset protection. It's also about not getting fined from the state, not having your company entirely dissolved, you know, which clients come to us all the time. they're like, oh, I set up this entity online five years ago. And I went to sell my rental property that it owns. And they're like, you don't have an entity anymore. And they're like, how does that happen? Well, you didn't do, you didn't brush the company's teeth. You didn't work it out a little. You did yeah you did nothing who was that i think it was
	...

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