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Business Planning Guide for Tire Dealers: Tax and Legal Checklist

Dot your i’s and cross your t’s with this Tax and Legal checklist, part of Tire Review’s Business Planning Guide for the new year.

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You already know that running a business can be a challenge. It takes a lot of work to keep all of your plates spinning – balancing customers, employees, operations and cash flow against your long-term goals for growth. To help keep things moving forward in a positive direction, we offer you this special 2019 Business Planning Guide. Whether you use it as a reminder, a to-do list or plan of attack in preparation for the year ahead, we hope the information will further your success.

Tax and Legal

ο Hold your annual meeting for your corporation or LLC. It’s a good idea to record written minutes of the meeting and any resolutions, which are then signed by your shareholders (corp.) or members (LLC).

ο File your annual report. Check with the secretary of state’s office to see the due date for you to file to avoid penalties.

ο Review your business plan, paperwork and incorporation documents. Did you change your business name (like adding or removing a word), have changes to share distribution, or change/add locations? If so, check with your attorney to file an “articles of amendment”.

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ο Confirm that your business structure still makes sense. If you started small but have grown since, talk to your advisors about the best incorporation structure for your operation in its current form. Be sure that you’re also positioned well when it comes to potential future events, like selling or passing the business to others.

For more business planning checklist items, see our Facilities and Equipment checklist, Business Value checklistOnline Reputation checklistWebsite checklist, and Employee Handbook checklist.

To print an easy checklist of the full 24-points, click here.

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