When learning to ride a bike, kids tend to look at the obstacles they’re most worried about running into. And then they tend to run right into them. Where the eye goes, the bike follows.
Over the past months, you’ve devoted a lot of energy to setting the direction for the coming year. You’ve identified the major obstacles, chosen the best path forward, and shared that vision with your teams. You’ve got your eye trained on success. So the bike will follow, right?
As we head into the chill reality check of January, our focus has to shift from strategy, which is all about vision, to execution, which is all about precision.
Now’s the time to tune the bike.
Because you can have the best vision and the tightest strategic planning of all time, and it can all be derailed by a simple mechanical failure. A single kink in the chain, a gear slip, a loose brake line.
A missed renewal, a lapsed license, an unreported change of address.
To close out the year, we’ve prepared a checklist to help you fine-tune your compliance practices. Say it with us: you will have a well-oiled, compliant machine in 2019!
Here’s to a prosperous, triumphant ride.
One of the most significant developments for businesses in 2018 was the South Dakota v. Wayfair decision, which expanded state sales tax obligations for online retailers. In the wake of that decision, many companies have had to register more widely for state sales tax.
For licensed professionals, we’ve seen increasing regulation across the board. More states are imposing ownership requirements for engineering firms or requiring them to go through the licensure process before registering with the secretary of state. We’ve also seen states cracking down on contractors providing architectural services without a license.
In addition, name approval requirements and other prerequisites have increased. All of these changes can extend the timeline for entering new states, particularly for the uninitiated. On the bright side, more states are introducing online options for filings, which can make the final step of submission faster.
The bottom line is to plan ahead and allow plenty of time for these processes, particularly when dealing with a new jurisdiction.
On the nonprofit side, we are also seeing increased regulation, particularly surrounding commercial co-ventures and use of professional solicitors and fundraising counsel. Crowdfunding is also receiving increased scrutiny from regulators. In the face of growing and evolving requirements, record-keeping is an ongoing struggle for many nonprofits.
On the positive side, Colorado dropped registered agent service from its charitable solicitation requirements, which will save you time and paperwork if you’re registered to fundraise there.
All of these trends underscore the importance of checking in and making sure your registrations, corporate records, and state filings are up to date.