Keep Corporate Records:

• Maintain accurate and up-to-date corporate records, including meeting minutes, resolutions, bylaws, and shareholder agreements.  Be sure to sign your by-laws and keep track of any amendments to those by-laws in your corporate notebook.

 

Hold Regular Meetings:

• Conduct at least 1 annual meeting each year for shareholders and directors. Document meeting minutes discussing important company decisions, changes in officers or directors, and any significant business actions taken.

 

File Biennial Reports:

• File biennial reports and pay the required fees with the Indiana Secretary of State. Failure to file these reports can lead to penalties or the dissolution of the corporation.

 

Maintain Separate Finances:

• Ensure clear separation between personal and business finances. Maintain a separate business bank account and avoid commingling personal and business funds.

 

Pay Shareholder Distributions Properly:

• Ensure that any shareholder distributions or dividends are properly documented and distributed according to the company's bylaws and ownership percentages.

 

Comply with Tax Filing Requirements:

• File the appropriate tax returns with the IRS and state tax authorities – consult your tax professional for the specific forms that apply to your business, including all employment-related taxes and forms.

 

Monitor Shareholder Changes:

• Keep track of any changes in ownership or shareholders. Ensure proper documentation of any transfer or sale of shares on your transfer ledger.

 

Stay Informed About Regulations:

• Stay updated with any changes in federal, state, or local regulations that may affect the operation of the S-Corporation. Compliance with laws and regulations is essential.

 

Consult Professionals:

• Continue seeking advice and updates from legal, accounting, insurance, and tax professionals experienced in corporate matters to ensure compliance with all regulations and best practices.