Starting a business in Colorado has certain filing requirements with the Colorado SOS (Secretary of State). Depending on the type of business, you must make sure that you follow the basic legal requirements. Failure to do so will mean that your business is non-compliant. This could mean exposure to personal liability.
Incorporation & SOS Colorado Business Filings
When starting a new business in Colorado, incorporation and filing with the Colorado SOS requires certain formation actions. You may want to get legal advice on issues related to
- First meeting of directors/shareholders.
- Election of new directors and appointment of officers.
- Adoption of Bylaws.
- Establishing a corporate bank account.
- Trade names
- Protecting your intellectual property and business ideas:
- Drafting buy-sell agreements between shareholders.
- Establishing and applying for tax status “C Corporation” or “S” corporation status.
- Securities laws and selling corporate stock. If you are selling stock and shares, get immediate legal advice.
Colorado SOS Delinquent Status and Noncompliance: Many companies find that their business entity is noncompliant when served with a lawsuit. This can be very problematic when the other part is seeking breach of contract damages. You can be exposed to personal liability. Reasons for non-compliance and delinquency with the Colorado SOS can be:
- Failure to file an annual Periodic Report with the Secretary of State
- Failing to have a registered agent on file
When it comes to Secretary of State SOS Colorado business filings, if you fail to cure the reason for noncompliance within 30 days, your business could be in legal jeopardy. Small businesses should always make sure that their information and current with annual requirements and other CO business laws. Business owners should aways minimize the risk of becoming personally liable for company debts.
If you are starting a new business in Colorado, call our Denver corporate law attorneys for help with Colorado SOS Secretary of State business filings. We offer a FREE Initial Consultation. Call 1-866-601-5518.