Maintaining your entity: What you need to know about Filing Fees
In this episode of Coffee with Carl, attorney Carl Zoellner covers everything you need to know about maintaining your entity including filing fees.
Fee’d out of your funds?
When it comes to these annual charges, they can really stack up.
So, let’s cover a fun one (well, fun if you’re an accountant and derive a strange joy from mathematics).
When you first set up your business entity, there’s your initial filing fee, which is the expense or the cost of what the state charges you to register that business entity.
And then, on an ongoing period (usually annually), there’s a filing fee required to renew that entity and keep it active with the secretary of state.
Usually, that renewal fee is a fraction of what the initial filing fee was.
In general, when you set up a business entity, normally year one is the most expensive because the initial filing fees are higher, and then year two and beyond tends to be significantly cheaper to maintain those entities.
That’s one thing I wanted to clear up. Each year, towards the end of the year people have lots of questions about fees. Especially since towards the end you start to see all of them.
When you see a request or a bill for a filing fee, that is the amount that the state charges you on an annual basis to maintain your business entity.
As always, if you’re a platinum client or a client of Anderson, and you have some more questions, we’d always encourage you to utilize your platinum membership and ask those questions.
So until next time, thank you for joining me with another episode of “Coffee with Carl.” If you do like this content, I would encourage you to subscribe and hit the like, so we can continue to make more content.
Keep taking advantage of our FREE educational opportunities and the free content we put out on the web. So that’s Toby’s Tax Tuesday, our tax and AP events for our clients who’ve already gone through our Tax and Asset Protection event.
Our Structure Implementation Series is fantastic. That answers a lot of the questions you have in the beginning. So there are a lot of different educational opportunities out there. One of my favorites as well is our Infinity Investing Workshop.
Resources mentioned in this video:
- Join our next Tax & Asset Protection event to learn more advanced tax minimization & entity structuring strategies
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