Aug 31, 2026 · 8 min · 9 segments
What if the biggest threat to your business isn't losing customers, but overlooking the responsibilities behind the scenes? In this episode of HR{preneur}'s Grit & Wisdom series, Tina Brenn, founder…
Tina BrennGuest
Jim DuffyHost
Many small businesses don't realize there's more to running a business than fulfilling a customer order.
You want to know whether or not you're a sole proprietor, an LLC, an S-Corp or C-Corp.
LLCs, S-Corps, C-Corps must file annual reports with the state they're registered in.
And if a business fails to file annual reports for multiple years, they could find that the state dissolved their business without them even knowing.
In order to get their business back in good standing, they will have to be compliant, file back reports, pay the fees that go along with that, and in many cases, fines.
So to me, what I hear you say, it's what seems like behind the scenes stuff is actually what keeps the business protected and running for the long term.
Have you seen situations where not paying attention to these details caused real problems for a business?
I have seen many businesses dissolved by the states for not filing their annual reports.
And in order to get financing, they need to get a certificate of good standing from their state.
And once they go to get that, they're denied because they haven't filed these reports.
I have seen many employers pay unnecessary inflated unemployment tax rates for not responding to notices from the state unemployment offices or Department of Labor.
When businesses start being hit with penalties and interest for not complying with simple tasks, it takes the attention away from the operations and depletes cash flow quickly, depending on the severity of the problem.
Many small businesses don't realize there's more to running a business than fulfilling a customer order.
You want to know whether or not you're a sole proprietor, an LLC, an S-Corp or C-Corp.
LLCs, S-Corps, C-Corps must file annual reports with the state they're registered in.
And if a business fails to file annual reports for multiple years, they could find that the state dissolved their business without them even knowing.
In order to get their business back in good standing, they will have to be compliant, file back reports, pay the fees that go along with that, and in many cases, fines.
So to me, what I hear you say, it's what seems like behind the scenes stuff is actually what keeps the business protected and running for the long term.
Have you seen situations where not paying attention to these details caused real problems for a business?
I have seen many businesses dissolved by the states for not filing their annual reports.
And in order to get financing, they need to get a certificate of good standing from their state.
And once they go to get that, they're denied because they haven't filed these reports.
I have seen many employers pay unnecessary inflated unemployment tax rates for not responding to notices from the state unemployment offices or Department of Labor.
When businesses start being hit with penalties and interest for not complying with simple tasks, it takes the attention away from the operations and depletes cash flow quickly, depending on the severity of the problem.
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