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Consequences of Noncompliance

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January 5, 2015
Author: NCH

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Business owners must comply with ongoing government rules and regulations after incorporating or forming an LLC. You should always understand and be aware of the potential consequences of noncompliance to your business. For instance, when a corporation or LLC fails to meet government obligations, the state may revoke the company’s good standing, levy penalties against it, or even dissolve the company completely. Additionally, when a business owner fails to follow the steps required to maintain their limited liability protection, the owner’s personal assets will no longer be protected from lawsuits against the company. This is known as “piercing the corporate veil.” It applies to both corporations and LLCs. Just remember, every business owner needs to pay special attention to record keeping and corporate procedures in order to protect the corporate veil.

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