Business filing company CorpNet.com recently launched a free alerts service designed to help entrepreneurs keep compliant with state corporate filings, to avoid late fees and penalties. It’s called the Business Information Zone (B.I.Z).
This online tool is not limited to existing CorpNet.com clients, but is available to any small business.
CEO Nellie Akalp saw a need for the corporate filing compliance service after watching clients miss important filing deadlines and incur penalties. “Clients would call in, not knowing why their business was in bad standing with the state and why they owed all these high penalties. Clients would find their company being dissolved by the state, and would complain that they hadn’t gotten any notice about it.”
As a business owner, once you are granted a corporation or LLC, you may think the work is done. But that’s not the case, says Akalp. Many don’t realize they need to file regular paperwork to stay compliant. Failure to do so risks being charged late penalties — or worse.
With rising budget deficits, states are looking to increase revenues by ramping up collection from small business owners who don’t file on time. As an example, in California, a business that fails to file its annual report by the deadline will be hit with $250 in penalties and fines. Akalp says CorpNet’s new service aims to educate business owners “about all of these due dates and requirements and keep their business in compliance throughout the lifetime of their business.”
Akalp calls CorpNet’s B.I.Z. service a “personal concierge service for your business at no charge.” Competitors offer similar services, she says, but they charge for it or require paid registered agent services.
How The Corporate Filing Compliance Service Works
Once business owners sign up, they can receive email reminders on tax and compliance alerts. They can also store their business documents, and keep a personalized business profile that tracks important data about their company — such as formation date, Federal Tax ID number, business licenses and permits, and more.
Users can also order other services from CorpNet within the platform, such as filing for a fictitious business name/DBA, obtaining stock certificates, or apply for a sellers permit. While use of the B.I.Z. monitoring platform itself is free, filings may involve charges.
The idea is to be a “one stop shop” for all corporate and state filing needs. It eliminates the need to navigate multiple websites — like those for city, state, or county governments, the IRS, or the Franchise Tax Board — to find the proper applications and information. “CorpNet aims to make it easier to take care of such paperwork at a click of button,” says Akalp.
While the new service is available to any small business, it’s aimed at solopreneurs and DIY small business owners who aren’t accustomed to filing the paperwork necessary for corporate annual reports, business license renewals, tax filings and so on. CPAs and attorneys who manage their clients’ businesses are also taking advantage of the platform.