I’ve incorporated my business. What now?

Incorporating your business is the beginning of the story, not the end. Once you’ve incorporated, you have to take certain steps to properly maintain the corporation. In addition to holding meetings and keeping proper minutes and other records, see Avoiding Alter Ego Liability with Proper Corporate Minutes and Reducing Risk of Alter Ego with Some Simple Things, you have to make certain filings and pay various fees, such as a franchise tax, to the state to maintain the company in good standing. The consequences of failing to keep up with the required filings can be significant, including the suspension of the corporation’s rights, powers, and privileges, which may, among other things, prevent the company from doing business of any kind and render the corporation’s contracts voidable by the other party. More information is available in our article Why Is Completing Secretary of State Filings Important?