Forming a separate business entity for your new or existing winery, restaurant, catering, or wine based hospitality business is a critical step. Your corporation is responsible for the debts and liabilities of your wine or hospitality business shielding your personal assets separate from those of your business. But once the business formation process is complete, your job isn’t finished. You must ensure that your Corporation or LLC entity remains in compliance so that your “corporate veil” is not pierced, making you personally liable for the debts of your wine or hospitality business.
Here are eight ways to ensure that your Pennsylvania winery or hospitality business remains in compliance.
1.) Do not co-mingle your personal and business finances.
2.) Maintain your regular and annual corporate minutes and resolutions.
3.) Be sure to file your annual reporting requirements with the Secretary of State.
4.) Record any changes and amendments to your Articles of Incorporation and file
those timely with State and Federal Regulatory bodies, i.e Municipal Reporting and Zoning Requirements, Liquor Control Boards and the Federal TTB as applicable.
5.) If you operate out of state, make sure your business is legal out of state in the event you need to qualify as a “Foreign Corporation of LLC” within the state that you are doing business.
6.) Take time out of your busy schedule to address your administrative legal requirements.
7.) Maintain your corporate tax filings just as you would with your individual taxes.
8 ) Contact your Accountant or Legal Counsel should you run into any compliance issues.