Once you have set up your limited liability corporation (LLC) in Colorado, there are certain things you’ll need to do on an ongoing basis in order to maintain your business and keep it in compliance. Below is an overview of the ongoing requirements that generally apply to LLCs in Colorado.
The following will usually need to be maintained or completed on an annual basis for LLCs:
Filing an annual report, which is known as a Periodic Report – This Report is due to the Colorado Secretary of State’s Office during the 3-month period starting from the first day of the LLC’s anniversary month of formation (or the Periodic Report Month).By filing a Periodic Report, business owners can provide the most current info for their LLCs to the Office, thereby ensuring that the most current info can be provided to the public. Additionally, submitting this Report (on time) will ensure that an LLC maintains a “Good Standing” with the Secretary of State.
A failure to submit these Reports can lead to hefty fines and, eventually, LLCs being demoted to a “delinquent” status.
Paying taxes – This includes paying all necessary state and federal taxes for the LLC on time. Failing to pay the LLCs taxes can not only lead to expensive fines, but it may also result in the principals of the entity being held personally liable.
Renewing the business license – Generally, the Department of Regulatory Agencies, Division of Professions and Occupations (DPO) will send business owners a renewal notice, informing them of the impending expiration of their business license. The DPO notes that “renewals open approximately 6 weeks before license expiration.”
Renewing necessary operating permits – This step will vary for business owners, depending on the nature of the business, service or operations performed by the LLC. With permits, it’s advised that business owners maintain their own renewal schedules to avoid having essential operating permits lapse.
Do you need help forming a business or resolving any business legal issue? If so, you can count on Denver Business Lawyer Thomas E. Downey. Since 1983, Thomas Downey and the other legal professionals at Downey & Associates, PC, have been providing individuals and businesses in the Denver Metro Area and throughout the U.S. with the highest level of legal service for their business, litigation, property tax and real estate legal issues.
Our dedication to our clients, coupled with our extensive experience handling complex matters of business law, means that our clients can always trust that we will aggressively protect their rights and help them achieve the best possible outcomes to their sensitive legal matters.
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