Corporate Regulatory Compliance
The Attorneys of Cutler Smith, P.C. have over 95 years of Combined Construction Law Experience.
Corporate Regulatory Compliance
What is corporate regulatory compliance?
Regulatory compliance refers to a commercial entity’s compliance with specific rules and standards set by federal, state, and municipal governments.
As state and municipal governments extend compliance requirements, raise taxes, and boost enforcement activities, the regulatory environment has grown increasingly complicated. Keeping up with the continual assault of new and changing standards may be stressful for even the most committed and diligent firm.
If you’re in charge of ensuring that entity compliance concerns don’t bring your company to a standstill, keep reading. We’ll provide you an overview of important compliance areas and hazards, as well as advice on how to put up processes and implement best practices to assist your organization reduce or eliminate such risks.
What are the basic requirements of regulatory compliance?
Corporate compliance requirements are always changing as a result of new legislation and the numerous activities that a corporation conducts. Here are some essential areas of compliance we recommend you participate in:
- Recordkeeping. Maintain records in accordance with state law.
- Process service. Prepare a strategy for responding to litigation.
- Entity growth or shrinkage. Be mindful of state-related business activity that might result in compliance issues, such as business expansions or contractions (even if they are unintentional).
- Entity changes. File the necessary documentation for changes in corporate names, authorized shares, and other matters.
- Annual report submissions. Meet deadlines for submitting mandatory state reports and paying state fees.
- Licenses for business. Obtain and keep the necessary state and local business licenses.
- Representation of registered agents. Appoint and maintain a registered agent in your corporation’s home state as well as in any “foreign” state where you are authorized to conduct business.
- Tax filing and payment. File and pay any franchise, corporate and state income, sales and use, or other taxes on time and accurately.
Understanding Compliance Risks
Your company has specific obligations to the state in which it was formed as well as the states in which it is authorized to conduct business.
When your corporation fails to fully comply with one or more of these rules, then it is regarded to have “fallen out of good standing”. If this change in status is not addressed immediately and correctly, the consequences may be extremely significant and damaging—both to your business and to you personally as the owner of that organization and the person doing business on its behalf.
Aspects of your organization that affect your compliance status might change just as quickly as state laws. Some of these changes may be subtle to you. In reality, most small firms like yours are frequently most vulnerable to compliance violation “trigger” events that you may be unaware of.
Reviews From Our Clients
R.H.
J.K.
D.M.
Proudly Serving Our Clients
While we call Dallas "Home", it’s not just North Texas construction law clients who know that Cutler-Smith, P.C. is one of the top law firms in this highly specialized area of practice; we proudly serve clients in all areas of Texas including:
We also serve clients in select cities in other states.
don’t wait any longer
Contact Our Employment Law Attorneys Today!
Contact an experienced employment law attorney to help with your case.
Associations & Memberships
