Keeping a limited liability company compliant within state regulations can be a headache. While regulations can be different from state to state, many are similar. The state of Arizona has issued a list detailing a number of ways LLC owners often make mistakes.
The Arizona Corporation Commission says the first thing a new business incorporation has to do is publish its articles of incorporation for three consecutive issues of a widely circulated newspaper in the company’s place of business.
It’s also important for companies to keep their current addresses on file with state officials, so the companies continue to receive any important notices which may be sent out. The Arizona Corporation Commission says that the postal service won’t forward state notices, so a forwarding address won’t work.
The state says that if a corporation stops being compliant, it can be dissolved by the state. If that happens, Arizona business owners have six years to fix any and all compliance issues, and pay the necessary fees.
Business noncompliance is a widespread issue. Entrepreneur.com reports that the “complexity and risk of running a small business” have made it much more difficult for entrepreneurs to run their companies while trying to maintain compliance.