1. Change your business structure
Have you been operating as a partnership or sole proprietor, but want to change your structure to provide for liability protection? The end of the year is a great time to complete this important goal. Speak with an business attorney about converting your entity structure and read my post on choosing the right business entity for your particular business.
2. Hold an annual meeting
Incorporated entities (such as LLCs and corporations) should hold an annual meeting each year to discuss end of year business and elect officers and directors. If you have not scheduled your entity's annual meeting, now is the time to take action!
3. Gather tax documents
Your CPA or bookkeeper will appreciate receiving your tax preparation documents as early as possible. Begin preparing a file to send to your accountant or for yourself if you are self-filer. Relevant documents include 1099s, expenses, purchases, and employee pay records.
4. Set your goals
2015 may have been a great year, but as a business owner, you should always strive to improve. Evaluate the goals you set for 2015 and determine what you have achieved and what you need to continue to improve on in the coming year.
Charlotte Key is an attorney that focuses on business law, estate planning and probate law.