How to Maintain Compliance in Business

Sometimes situations arise causing changes in how a business operates. MyCorporation can help, by offering you a variety of services to help eliminate the difficulties that can arise while maintaining your good standing or changing the details of your business post formation. See below for a list of some of the most common business maintenance issues that MyCorporation can help you with, easily and affordably.

What is Business Compliance?

Business compliance is the process of following the rules, laws, and regulations that apply to your business. This can include everything from filing the right paperwork at the right time to staying up to date with tax and licensing requirements. Staying compliant with these rules protects your business from fines, legal issues, and even suspension. Whether you run a large corporation or a small business, keeping up with compliance is an ongoing responsibility.

Key Areas of Business Compliance

Compliance includes every aspect of your business, including business formation, licensing, tax filings, annual reports, and name registrations. Staying current in these areas helps you stay legally compliant and avoid penalties.

DBA Filings for Business Compliance

Filing a DBA, or "Doing Business As," is an important step if your business operates under a different name than its legal entity. It helps ensure transparency, allows you to legally use your business name, and may be required by law in your state. DBA registration is a simple way to support your overall business compliance and avoid legal complications down the line.

Expand Your Business: Compliance for Multiple Divisions or States

If your business is operating under multiple names or divisions, you may have to file for a fictitious business name,, also knows as a DBA, so you can cash checks under all of your business names. Obtaining a DBA is required to cash checks or open bank accounts for different divisions or company names, which can be an important part of growing your business. We file the DBA with the required government agencies and publish where required (in most states). You'll receive the approval and publication certificate for your records.

Foreign Qualification and Compliance for Business Expansion

When you incorporate you must determine what state to incorporate in. If you wish to do business in more than one state, you may need to Foreign Qualify if you are not incorporated there. (Please note that many states will tax a corporation that exists in their state, even if it is not doing business there.)

Find out more

Protect Your Name, Works, And Company

A trademark is a word, phrase, symbol, or design, or a combination thereof, that distinguishes the source of your goods from those of others. A Service Mark is similar to a trademark. However, it identifies and distinguishes the source of a service rather than a product. Generally, the terms "trademark" and "mark" are used to refer to both trademarks and service marks.

Copyright Application

MyCorporation offers copyright application and registration services. Copyright is a protection that covers published and unpublished literary, scientific and artistic works, whatever the form of expression, provided such works are fixed in a tangible or material form. Copyright laws grant the creator of the "work" the exclusive right to reproduce, prepare derivative works, distribute, perform, and display the work publicly.

Find out more

Employer Identification Number (EIN) for Business Compliance

MyCorporation obtains EINs for businesses nationwide.

An EIN is a federal identification number used by the IRS to identify a business entity. It is also known as a Federal Tax ID number.Legally, you are required to identify your business with one of two numbers: either your social security number or an EIN.

Generally you need an EIN when your business:

• Is new
• Hires, or will hire, employees
• Is an LLC or Corporation
• Opens a bank account
• Changes type of organization

If you are a sole proprietor, your social security number can be used on all of your government forms and other official documents, but most small business advisors recommend that you apply for an EIN and use that number instead.

Furthermore, banks may require an EIN in order to open a business bank account.

Electing S-Corporation Status and Business Compliance

MyCorporation can help you elect S-corporation status.

Electing S-corp status means that income generated by your business is "passed-through" to your shareholders for computing tax liability.

Most businesses start out as a general C-Corporation and are required to pay income tax on taxable income generated by the corporation.

However, as soon as a corporation has been formed, it may elect S-Corporation status. Then, the shareholders are taxed like a partnership or sole proprietorship, and not the corporation.

A large majority of our small business customers meet the following S-Corporation requirements:

• First be filed as a U.S. corporation
• Maintain only one class of stock
• Maintain a maximum of 100 shareholders
• Be comprised solely of shareholders who are individuals, estates or certain qualified trusts, who consent in writing to the S corporation election
• All shareholders must be US citizens or resident aliens
• Fiscal year must end December 31st

Failure to observe any of the above requirements could revoke your S-Corporation status.

Why Choose MyCorporation for Your Business Compliance Services?

Keeping up with business compliance can feel overwhelming, but you don't have to manage it alone. MyCorporation has helped thousands of businesses stay on track by handling the filings, deadlines, and paperwork that come with running a business. From DBA registration to annual reports, our team makes it easy to manage compliance and avoid costly mistakes. Whether you're just starting out or looking for ongoing support, we're here to help.

Why is business compliance important?

Staying compliant helps keep your business active and in good standing with the state. It also builds trust with customers, banks, and potential partners. Ignoring compliance requirements can lead to missed opportunities and unnecessary setbacks.

How can I ensure my business stays compliant with state and federal regulations?

The best way to stay compliant is to stay organized. Track important filing deadlines, keep your business information up to date, and make sure any required documents are submitted on time. Many businesses choose a compliance service to help manage these tasks more efficiently.

What are the risks of not maintaining business compliance?

Falling out of compliance can lead to fines, penalties, and even suspension of your business status. It may also make it harder to open business bank accounts, apply for loans, or attract partners. Staying on top of compliance helps you avoid these issues.

What should I do if my business expands to multiple states?

When expanding across state lines, you may need to register as a foreign entity in each new state. This often involves filing additional paperwork and appointing a registered agent. It’s a good idea to review each state’s requirements before starting operations there.