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Have You Paid Your Fees Lately?

Better check--twice--to make sure all those crucial business fees are paid, or you risk losing everything.

By Gisela M. Pedroza Originally published Aug 1, 2002

Opinions expressed by Entrepreneur contributors are their own.

You may be preoccupied with the hustle and bustle of running your homebased business, and you should be. But are you so preoccupied that you're forgetting to pay vital fees? From domain names to business license renewals, forgetting to pay essential fees can mean the death of your business.

For Orlando, Florida-based entrepreneur John D. Smith, forgetting to pay a $15 annual domain name registration fee meant losing the domain name for his company, Clever Covers Inc., which makes sports-team-themed wheel covers and handheld plastic fans. After switching e-mail addresses and forgetting to update the domain registrant, Smith never received the e-mail notifying him that his domain name registration for www.clevercovers.com was about to expire. The result: The domain name got picked up by a Taiwanese company that agreed to return it to him.for $290 plus ambiguous "attorney's fees"-- though it only costs $40 to transfer ownership of a domain name.

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