Step 7 - Unclaimed Property
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Even though you are just starting your business, be sure to make a note now that every year your business is required to register with the state any unclaimed properties you may have.
What is unclaimed property? Unclaimed property consists of financial assets such as savings accounts, wage checks, life insurance policies, stock, bonds, and dividends. Property is "unclaimed" when it cannot be paid or delivered to the apparent owner and when there is no communication between the holder (i.e., the entity reporting the unclaimed property) and the apparent owner for a specified amount of time (see Abandonment Table [pdf 18KB]). For more detailed information on Unclaimed Property click here.
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