Small businesses play a critical role in our nation’s economy. In fact, small businesses are responsible for roughly 44% of the country’s economic activity, and they employ roughly 50% of the private-sector workforce. If you’re planning on starting a business, you’ll likely fall under the “small business” category for a while, as it typically takes time to grow your company into a large enterprise.
Starting a business is a high risk, high reward venture. It offers the potential for a lucrative income while allowing you to build something from the ground up in a field you’re passionate about. This can lead to a more fulfilling work life for many individuals. However, there are also many challenges associated with starting a business – startup costs and ongoing overhead expenses can be significant, attracting and retaining quality employees is more difficult than ever, and there are myriad other issues you’ll need to navigate in order to build the foundation for a successful business.
With such high stakes associated with starting a business, it’s critical to make the right decisions from the beginning of the process. One of the most important decisions you’ll make is where to start your business, as not every state provides the same climate for success. Even if you make a savvy choice and operate in a business-friendly state, you will still need the guidance and expertise of an experienced small business lawyer who can protect your interests and set you up for success.
Should I Start a Business in Colorado?
If you’re considering Colorado as the home for your small business, you’re making a smart decision. A recent study ranked Colorado as the 7th best state to start a business in 2024. This data remains consistent with rankings from the previous few years, where Colorado is regularly considered to be among the most business-friendly states.
Key Factors Contributing to Colorado’s Business-Friendly Environment
Colorado possesses a variety of attributes which make it a great place to start a business. The following factors will increase your chances of success when you choose Colorado as the location for your business:
Low Startup Costs and Ease of Formation
Favorable Tax Climate
Highly Educated Workforce
Strong Small Business Presence
Economic Strength and Growth
Low Startup Costs and Ease of Formation
Colorado offers a wide range of incentives and resources to encourage new business formation, and it boasts one of the lowest startup costs in the country for small businesses. The cost to establish an LLC or corporation in Colorado is only $50. This low barrier to entry makes it attractive for entrepreneurs looking for a place to operate their new venture.
Favorable Tax Climate
Colorado’s 4.55% income tax rate for corporate entities and 2.9% sales tax can be extremely beneficial for small businesses. This relatively low tax burden will help fledgling businesses retain more of their earnings, making it easier to succeed during the early years when you are still building your reputation.
Highly Educated Workforce
You’ll need a team of highly educated and skilled employees for your business to thrive. Colorado provides an abundant supply of highly educated talent, as it ranks as the second most educated state in the country. This highly educated workforce not only gives you access to a skilled and competitive labor pool, but it fuels much of the innovation and economic growth that Colorado has become known for in recent years.
U.S. News & World Report ranked Colorado 4th in the country for best economy, best business environment and employment. In addition, numerous Colorado cities regularly appear on a wide range of “best places to live” lists, allowing the state to attract talented individuals looking for a great lifestyle. This strong economic environment provides opportunities for small businesses to thrive and expand.
Recent Initiatives Which Support Colorado’s Business-Friendly Environment
The Colorado state government is continuously taking steps to further enhance its business-friendly environment. Some recent initiatives that will help small business owners include:
Investing in workforce development programs to ensure a skilled labor supply
Implementing tax cuts and increasing certainty for business leaders
Focusing on increasing housing supply and affordability to support employee recruitment and retention
Allocating over $10.5 million to strengthen the state’s business climate and create more opportunities for small business development
Establishing the Colorado Enterprise Zone Program which offers a major incentive for new businesses by providing up to $3,000 in tax credits for qualified businesses
Elizabeth Lewis Provides Legal Services for Small Businesses in Colorado
Colorado’s combination of low startup costs, favorable tax climate, highly educated workforce and supportive government policies make it an attractive destination for businesses. While the advantages of operating in a business-friendly state like Colorado can set you up for success, you still need expert legal guidance to help you navigate many of the challenges impacting small businesses. At the Law Office of E.C. Lewis, we’ll make sure your interests are protected every step of the way.
Elizabeth Lewis is a small business attorney providing comprehensive legal services for businesses in Denver and throughout Colorado. If you’re considering starting a business in Colorado, she can assist you with any legal matters associated with business formation to ensure your company is set up properly. In addition, Elizabeth will be your go-to lawyer for any legal challenges your business experiences moving forward, including contract law matters, employment law issues, and more. When you work with Elizabeth Lewis, you’ll have peace of mind that all legal matters will be handled properly, and your business will be positioned for ongoing success.
Contact us today to schedule a consultation. The Law Office of E.C. Lewis serves small and medium-sized businesses in Denver and throughout Colorado.
If you’ve recently formed an LLC in Colorado, you may be wondering whether you need to obtain a business license. In Colorado, there is no statewide requirement that LLCs must get a business license other than registering the business with the Secretary of State. However, you may need to obtain local business licenses and industry-specific permits depending on your industry and the location of your LLC.
Business licensing requirements in Colorado and the process of getting a license can be highly complex. There are many factors which impact whether you need a license as well as the type(s) of license your LLC needs. The following overview will provide you with some basic information as you begin your research, but it’s important to work with an experienced start-up business lawyer who can help ensure you comply with all licensing requirements and complete the process properly.
Types of Business Licenses in Colorado
Many Colorado-based businesses must hold at least one type of license to legally operate in their local area. The type of license(s) you will need will largely depend on the local and county regulations where you reside. In certain industries, businesses may need to obtain state and/or federal business licenses as well. This is more common for businesses in heavily regulated industries such as alcohol or cannabis. This variability is why it’s critical that you work with a business formation lawyer who knows the proper licenses associated with your industry.
In general, there are two different types of state-level business licenses:
General Business License
Occupational License
General Business License
A general business license refers to a license that all businesses operating in a particular state must have, regardless of their industry. Colorado doesn’t require a general business license, so your LLC will not need to obtain one. However, you may need an occupational license or a local (municipal) license depending on the type of business you operate and the city/county requirements in your place of business.
Occupational License
Occupational licenses may be required for businesses in certain industries. Some examples of businesses that may need an occupational license include hair salons, daycare centers or used car dealerships. Occupational licenses may be needed through the State, the city you operate in, the county you operate in, or a mixture of them. Your small business lawyer will be able to advise you as to whether you need an occupational license to operate your LLC business in Colorado.
Other Types of Business Licenses in Colorado
There are other types of business licenses that may be required based on your location and type of business. Some of the most common include:
Municipal Business License
Colorado Sales Tax License
Municipal business licenses are issued by the city, town or county where your LLC does business. Each municipality in Colorado has a different set of rules governing which types of businesses need a license. Your business start-up lawyer will know the municipal business license requirements associated with your LLC.
There are two types of municipal business licenses:
General Business License – If a general business license is required, every business operating in that municipality must obtain a license to operate.
Industry-Specific License – In some municipalities, a license is only required for certain industries. You may or may not need one depending on what your business does.
A Colorado sales tax license may be required if your business sells products to consumers. In these situations, you may also need to register your LLC with the Department of Revenue.
Federal Business License Requirements
Most Colorado small businesses won’t be required to get a federal business license unless you conduct activities that are regulated on the federal level. The following industries are examples of some of the industries that may require a federal business license:
Agriculture
Alcohol sales, serving, importing or distribution
Aviation
Firearms, ammunition and explosives
Fish and wildlife
Commercial fisheries
Maritime transportation
Mining and drilling
Nuclear energy
Radio and TV broadcasting
Transportation
How to Get a Business License in Colorado
If your LLC needs a business license in Colorado, you’ll need to apply for one with the appropriate licensing or regulatory agency. The agency governing your business license will depend on the location of your business and your specific industry. As part of the business license application, you will generally need to provide the following basic information:
Business/LLC/Corporation name
Employer Identification Number (EIN)
Business address and phone number
Business plan containing your anticipated expenses and revenue
Certificate of insurance (COI) for your business insurance policy
Once you’ve gathered this information, you can fill out the required forms on the licensing agency’s website to apply for your license. Your business formation attorney will be able to help you with this process to ensure the application is completed correctly.
Elizabeth Lewis Can Help if You Need a Business License for Your LLC
Whether you know for certain that your LLC needs a business license or you need to find out whether any licenses are required, the Law Office of E.C. Lewis can help. Elizabeth Lewis is a Colorado small business attorney with extensive experience assisting new businesses with a wide range of items associated with the business formation process. She can advise you as to whether you need a license and if so, which license(s) your business must obtain. Elizabeth can also help you with the application process to ensure everything goes smoothly.
The Law Office of E.C. Lewis has been providing comprehensive legal services for businesses in Denver and throughout Colorado since 2010. She can help you with a wide range of legal needs, including business formation tasks, contract law matters, employment law issues and more. Elizabeth is committed to providing your business with the highly personalized attention and sound legal guidance necessary to protect your interests and set you up for long-term success.
Contact us today to schedule a consultation. The Law Office of E.C. Lewis serves small and medium-sized businesses in Denver and throughout Colorado.
Colorado employment law is complicated, and it’s impossible for us to give a complete rundown of all the key laws. An employment law attorney such as Elizabeth Lewis can help keep your business on the right side of the law. Here are a few of the major Colorado employment laws that you need to know, either as an employee or an employer.
Wages
In 2024, the minimum wage in Colorado is $14.42 for untipped employees, and $11.40 for tipped employees. Denver minimum wage is higher than Colorado’s so for any employees providing services in Denver, the minimum wage is $18.29 for untipped employees, and $15.27 for tipped employees.
When employees meet overtime requirements, employers must pay them 1.5 times their regular pay. Overtime triggers when an employee works:
More than 40 hours in a week
More than 12 hours in a workday
More than 12 consecutive hours
Typically, this only applies to hourly employees. Provided that a salaried employee is exempt, then a salaried employee doesn’t earn overtime and may have a more difficult time managing expectations that they work additional hours each day and/or week. Salaried employees who are not exempt are still subject to overtime requirements.
Break Requirements
Employers in certain sectors (including, but not limited to, retail and service, food and beverage, commercial support services, and health and medical) must give employees a duty-free meal period of 30 minutes for every five hours worked. This break can be unpaid, but if employees have to eat while on duty or are otherwise required to be on-call, they should be paid.
A 10-minute rest break should be allowed for every four hours worked in these same industries.
Nursing mothers should be allowed to use their break time to express milk, and they should be provided with a private place (other than a toilet stall) to do so.
Leave Requirements
Colorado requires that employers give employees paid sick leave, which should accrue at a rate of at least one hour for every 30 hours worked. Employees can use this leave for many purposes, including preventive care, helping a family member, or absence due to domestic abuse, sexual assault, or harassment. Employees may also take unpaid leave (up to three days per 12 months) to deal with domestic abuse. This “sick time” is also available for bereavement leave in some instances.
There is no requirement for holiday leave or pay.
In addition, large employers and all employees (regardless of the size of the company they work for) must contribute to Colorado’s Family and Medical Leave Insurance Program (FAMLI).
Colorado Anti-Discrimination Laws
In addition to Federal anti-discrimination laws, Colorado bans discrimination on the basis of lawful activity outside of work, AIDS/HIV status, arrest or sealed convictions, marriage to a co-employee, bad credit, or wage garnishment for debt.
“Chance to Compete” Law
Similar to anti-discrimination laws, Colorado wants to help convicted criminals avoid discrimination in the early parts of the application process.
An employer may not advertise that people cannot apply for a position if they’re not convicted, nor may they ask for a conviction record on an initial application. (This doesn’t apply to specific positions where a person with a criminal history cannot hold the position.)
Record-Keeping Laws
Colorado law requires employers to maintain records of employees and wage payments for one, two, or three years, depending on the specific type of records.
Access to Personnel Files
Personnel files are not just for HR – each employee is entitled to view their own personnel files in Colorado. This includes viewing information about discipline records, and whether an employee is being considered for advancement. This only applies to written records – employers don’t have to tell employees about conversations regarding them where no formal notes are made.
Whistleblower Protection Laws
Employers cannot retaliate against employees for speaking out if they think people at work are committing crimes. This includes the waste or misuse of public funds if a company gets payments from the state.
Wage Discussion Laws
In Colorado, employees are free to talk about their compensation. Employers cannot ban discussion of wages, nor can they retaliate against workers who share their salary information with others.
Workers’ Compensation
In Colorado, most employers are required to maintain workers’ compensation insurance that pays for medical bills and lost wages in the event that an employee is injured on the job. The level of coverage required depends on the size and nature of the workplace.
Final Paycheck Requirements
When an employer fires an employee, they must provide a final paycheck for hours worked within six hours of firing. If the payroll office is closed at the time of the firing, the employer has until six hours into the next workday.
Labor Peace Laws
Colorado’s Labor Peace Act means that employees can’t generally be forced to join a union or pay union dues. However, they will still get benefits, such as higher wages, that the company extends because of union negotiations and settlements.
Don’t Run Afoul of Labor Laws in Colorado
Colorado labor laws are complicated, and it’s easy for an employer to find themselves on the wrong side of the law if they’re not careful. Working with an employment law attorney when starting your business or adding employees can help you avoid legal problems.
Since 2007, small business lawyer Elizabeth Lewis has been helping businesses in Colorado to comply with the complicated web of legal requirements, including federal laws, Colorado laws, and even local employment laws. She can help you write employment agreements that define the employer-employee relationship to avoid legal issues in the future.
Elizabeth also believes it’s important to form long-term relationships with her clients so she can be available to help whenever new problems arise. This can help you deal with changing laws or respond to new situations that come up with your employees.
To learn how a business attorney can help your company navigate the complex rules of employment law, please contact the Law Office of E. C. Lewis today for a free consultation. We serve small and medium sized businesses in Denver and throughout Colorado.
Your business’ contracts are tools for defining what is expected of different parties in a commercial relationship. Common contracts exist between employers and employees, between suppliers and buyers, and with independent contractors.
Disputes about the terms of a contract are almost inevitable. Some people think this is a drawback of contracts, but it’s actually evidence of their strength. If there were never any disagreements about how parties should operate, there would be no need for contracts in the first place. Contracts define what is expected of each party, and there are effective ways to resolve these disputes, often without souring the relationship that existed before the dispute. A contract law attorney can help direct you through some different strategies to resolve contract disputes.
Informal Complaint and Negotiation
A contract dispute starts when one party points out to the other party that the terms of the contract aren’t being fulfilled. For example, a contractor might say to the company that hired them that they haven’t been paid on time or in the amount specified in the contract. Or a company might believe that their landlord isn’t providing the services required under their lease.
The next step is an informal negotiation. For example, the contracting company might tell a contractor that they will pay them immediately, or, perhaps, ask for a little more time to pay. The landlord may agree to provide snow removal in a more timely manner. If these resolutions are satisfactory, the contract dispute is settled.
However, if parties don’t accept these resolutions, parties may seek to escalate the dispute.
Escalation and Formal Negotiation
During this stage, the parties to a dispute will typically put their complaints in writing. The written complaints will typically include the terms in the contract that have supposedly been broken, how the wronged party wants to have these terms made right, and what they will do if they are not made right.
If parties haven’t consulted with their business lawyers before this point, this is the time to get lawyers involved. Talking to your contract law attorney can help you understand what recourses you have under the terms of the contract, and what level of negotiation you can enter into without affecting your ability to get compensation from other dispute resolution tools, such as arbitration and litigation.
Consulting with your lawyer can also help you avoid trouble for yourself by violating other terms of the contract inadvertently. Most importantly, talking to a business attorney can help you understand whether the contract dispute involves a minor breach that you can patch over, or a material breach that may make it impossible to continue under the current terms.
Formal negotiations can involve whoever the parties agree should be present, including the use of experts and mediators to try to resolve the dispute. Sometimes, though, the contract may put explicit limits on this stage of negotiation. Often, formal negotiations are the last chance to save a working relationship between parties in the contract. Other forms of resolution lead to increasing acrimony and may make one party feel slighted to the point that they can’t continue to work with the other.
If parties can’t resolve the dispute with formal negotiations, they will have to move to binding forms of dispute resolution, such as arbitration and litigation. Sometimes a contract will specify that disputes must be resolved with binding arbitration.
Binding Arbitration
If negotiations between parties fail to resolve contract disputes, people often seek resolution through binding arbitration. In this process, parties present evidence to a neutral third-party arbitrator who renders a binding ruling on the evidence and arguments presented. It’s similar to a trial, but it’s faster and less expensive.
Typically, once the arbitrator issues a ruling, the dispute is considered resolved.
Litigation
If parties don’t agree to arbitration, they may seek to settle their dispute through litigation. This is a lawsuit where parties file formal complaints against each other and seek to achieve restitution for wrongs related to violations of the contract.
Litigation involves multiple steps, including discovery, in which parties disclose documents related to the dispute. Before the trial, parties may file different motions to dismiss certain claims or in an attempt to conceal items from discovery.
Negotiations continue throughout the litigation process, and it’s possible for both parties to reach a settlement before going to trial.
At the end of a trial, either party has the option of appealing the decision to a higher court.
Help with Contract Disputes in Denver
If you’re a business owner, contract disputes can determine whether your business succeeds or fails. It’s important to have an experienced contract law attorney on your side to deal with these disputes when they arise.
Small business attorney Elizabeth Lewis has been helping businesses in Colorado since 2007. She focuses on helping small and medium businesses to use the law to their advantage and compete in a challenging marketplace. Alongside the importance of resolving contract disputes, she knows how important it is to maintain your professional relationships and reputation during the dispute process.
Elizabeth can help your company resolve these disputes without burning bridges along the way. Her results-oriented approach helps cut through animosity to reach a balanced resolution that satisfies everyone involved.
In addition to resolving contract disputes, Elizabeth can help you write contracts that prevent or minimize disputes. She can also help you review contracts so you don’t accept any onerous terms that could impair your business.
To learn how a small business lawyer can help your business with contract disputes, please contact the Law Office of E. C. Lewis today for a free initial consultation. We serve small and medium sized businesses in Denver and throughout Colorado.
Almost nobody starts a business in order to have more encounters with the law. Unfortunately, that’s one of the biggest effects of having your own business – you encounter more legal issues than you did before.
You might not think your business is the kind that will run into legal issues, but if you look at the list below, you will see that almost every business is likely to encounter some type of legal issue over time.
Choosing a Business Structure
Choosing a business structure is likely the first legal issue your business will face.
On the one hand, you might think it’s easiest and simplest to just be a sole proprietorship, but doing so might put your personal property at risk. Your car, your home and your other valuable assets all become vulnerable in the event of a business lawsuit or your business’ outstanding debts.
During business formation, you should consider business structures that will protect your personal property. While you’re at it, you should consider what might be most favorable from a tax perspective, and which structure best suits the way you imagine operating your business.
Trademarks and Intellectual Property Protection
Many people decide to start a business because they have a brilliant idea. Perhaps it’s a product design. Maybe it’s a bit of software that does something more effectively than other code that’s out there. It could even be a unique ice cream recipe that you dreamt up one day.
Whatever your intellectual property is, the odds are that it’s the most valuable thing your business will ever own. You know that you wouldn’t leave your store’s doors unlocked and open all night, but not taking steps to protect your IP can cost your business far more than any physical robbery.
Employment Law Issues
Once your business gets too big for you to do all the work yourself, you’re going to need employees. With employees comes employment law issues. You’ll have to be prepared to deal with payment disputes, discrimination claims, workers’ compensation issues and more.
Some people think that they can just sidestep this issue by only working with independent contractors. Unfortunately, that can be a recipe for trouble, too. If you don’t fully understand the laws surrounding contractors, you can find yourself in trouble for misclassifying people who are truly employees as independent contractors.
Regulatory Compliance
Another big legal issue your business is going to face is regulatory compliance. Almost every business is governed by numerous overlapping regulatory agencies, and you must comply with a variety of local, state, and federal laws. Violating any of these regulations can cost your business dearly (and lead to a loss of personal property if you didn’t take steps to protect it).
Deciding When You Need a Contract
You might be a “My word is my bond” kind of person who never needs more than a handshake to compel you to live up to your promises. Unfortunately, many people do not operate that way in the modern economy. If you don’t have a contract to compel someone to live up to their promises, you will find yourself without payment, without supplies, and without a recourse to be made whole from the party that didn’t fulfill their end of the deal.
Keep in mind that contracts aren’t just for enforcing promises. They serve to clarify what exactly each party is agreeing to. A contract can keep you from accidentally overpromising or overdelivering in ways that can cost your business.
Product or Service Liability
Whenever you provide a product or service to someone, you are exposing yourself to potential liability if that person believes that what you delivered is faulty in some way. If they believe that the fault led to injury, property damage, or other costs, they might try to recover those costs from you.
It’s important to consider what potential liability your business is exposed to, then work to protect yourself from it. Using a contract to spell out your liability is one powerful strategy. You also need to understand the regulatory framework your business operates within, because not complying with regulatory requirements can expose you to greater liability.
Obtaining Business Real Estate
After your IP, real estate is likely going to be your business’ most valuable asset. The decision of whether to buy or lease real estate is a big one for your business, and it depends on a variety of factors, not the least of which are the terms you are able to obtain for a lease. Leases can contain many restrictive terms that will affect your business’ operations now and in the future.
A lease is a contract, and it’s important to have this contract reviewed by a lawyer before signing. Having a lawyer review your lease and negotiate terms can save your business a considerable amount of money while giving you flexibility to meet your current and future needs.
Let the Law Office of E.C. Lewis Handle Your Legal Issues
As a business owner, you’ve already got more work than you can handle. You need all the hours in the day to handle the actual running of your business. You don’t have time to devote to dealing with these legal issues. Plus, your business is the work you’re skilled in. You likely know little about the law, which can lead to costly mistakes. Instead of wasting time and money trying to handle legal issues, have a small business lawyer handle those issues for you.
Elizabeth Lewis is an experienced business attorney. Since 2007, she has been helping many small and medium businesses in Denver and across Colorado to deal with these and other common legal issues. She’s dedicated to the success of her clients, and she can help you successfully found your company and navigate it through the difficult early growth stages.
To learn whether Elizabeth is the right lawyer for your business, please contact us today for a consultation.
As a business owner, you are responsible for complying with numerous regulations, have countless expenses, and are juggling several roles in your business structure. You are often rushing through your day, and it can be hard to identify scams that sound like (or are related to) real requirements for your business. Scammers make it seem as if you have to pay them or else you’re breaking the law.
Here are some of the more common scams we see and how to avoid paying the scammers to keep your business in compliance.
Labor Posters
Compliance with employment laws includes posting certain information in areas visible to employees. So when someone calls or sends you an official looking notice by mail and tells you that you have to buy their posters to be in compliance, it can be hard to say no. Plus, the cost isn’t that bad. These posters range from $10 to $50 each, plus shipping, which may be another $10.
However, there are a few problems with this. First, you can download all the required posters for free from either the Colorado Department of Labor or the US Department of Labor. Second, while you might be tempted to delegate the work of getting up-to-date labor posters to someone else, there’s no guarantee that these posters you’re paying for are actually accurate. Finally, sellers of these posters use them as an opportunity to upsell you on near-worthless additional services like compliance insurance. Once you buy their posters, you can expect to be bombarded with numerous additional sales calls, mailings, and emails.
Trademark Registration
Registering your trademark is an essential step in protecting your company’s valuable intellectual property, including software licensing. It’s not surprising that it would also be a tempting target for scammers.
Scammers will often call, email, or mail you, saying there’s a problem with your application that you must resolve immediately to avoid losing your trademark rights. Others might tell you that they can file your application or represent you, even though they’re not a lawyer. These scams can sound convincing because the scammers take information that is publicly available about your application to try to scam you. In some cases, the mail or email you may receive may even be drafted to look like it is coming from an official source.
The United States Patent and Trademark Office (USPTO) wants you to know that its employees will never ask for personal or payment information over the phone, in an email, or in a text. They also don’t want you to send payment via check or money order to third-party addresses.
If you’re getting pressured by someone to act in a way that you think is a scam, don’t engage with them. Contact the attorney handling your application or the USPTO directly or reach out to your business attorney to ensure that what you are receiving is legitimate before you turn over your hard-earned money or personal information.
Paying for EINs
You know you need an employer identification number (EIN) for tax purposes, and if you search online, you will come across numerous websites that offer to help you get an EIN for a fee. However, providing an EIN is a free service from the IRS. Note that if you use a pay service to apply for an EIN, not only will you be out the $300+ that they charge for the service, but any information you provide in the application is potentially compromised, setting you up for identity theft and other more expensive scams later.
Company Seals
Another potential scam is when people tell you that you need a company seal in order to legally do business as a corporation, LLC, or even a sole proprietor. They will likely frame this as a tiered scam: so much to file the paperwork, and wouldn’t you like to have your seal professionally designed, and here is some letterhead with your seal watermark, and don’t you want a fancy desk embosser?
There is currently no legal requirement for companies of any type to obtain a seal during business formation. If you want to have a seal, that is your choice, but you should make sure you work with a reputable company that isn’t trying to improperly charge or upsell you.
Paying for Meeting Minutes
You may get a worrying email or other notice saying that your LLC, nonprofit, or other corporation is required to file meeting minutes with the Secretary of State. The notice might tell you that because you’re delinquent, you have a substantial fee or penalty due. They might also refer you to a service that can prepare your minutes for filing.
Colorado does not require reporting entities to file meeting minutes. There is an annual report required, which you will file through the Colorado Secretary of State’s website, using their form. The cost to file your periodic report is $10.00. Filing late can result in a $50.00 penalty.
Elizabeth Lewis Can Protect You from Scams
All these scams have one thing in common: they are parasites on real legal requirements that your business must adhere to or had to adhere to in the past. Telling the difference between real legal requirements and scammers can be exhausting. This is where your small business lawyer can help. Your lawyer will advise you about how to remain in compliance. Then, if any questions arise, you can refer the potential scammer to your lawyer or call your lawyer for further advice prior to remitting any information or payment to the person requesting it.
Elizabeth Lewis has been serving small and medium sized businesses in Denver and across Colorado since 2007. She’s seen all the scams and knows how to avoid them. She can help your business stay in compliance with all genuine legal requirements from your foundation through all stages of your company’s successful growth, while providing the important legal protections you need throughout the life of your business.
To schedule a free initial call to see if the Law Office of E.C. Lewis, P.C is a good fit for your legal needs, please contact us today.
