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Here's what to do to prepare your business for 2018

When you own a business, you record everything that happens yearly for taxes and other purposes. Before the New Year, it's a good idea to review the things you can do to prepare for the upcoming year.

Here are a few things you can do to make sure your business is prepared for what's to come in the future.

Remember to renew your licenses

To operate in your state, you need various licenses and permits. Make sure yours are up to date. If any are running out soon, take the time to renew them. You don't want to wait too long and end up with fees or find you're being shut down.

Consider your business type

Has your business changed in the last year in a way that no longer makes sense for it to be a sole proprietorship? Maybe you want to form an LLC. Whatever you're planning, remember that your business isn't stuck being one thing or another. You can change the business structure as of the first of January if you choose to do so.

Submit the end-of-year filings as soon as possible

There are some things you need to report such as your tax payments, annual report and company changes. If you have decided to shut down your business, report that you've closed it before Jan. 1. You should acquire the Articles of Dissolution or Certificate of Termination before you consider your business closed for good.

These are just a few things to think about before the New Year. Plan early, so your business is prepared for 2018.

Source: Huffington Post, "Ring In The New Year Right By Preparing Your Business For 2018," Nellie Akalp, Dec. 12, 2017

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