Post-incorporation checklist: Key steps after forming a business

Common post-incorporation and annual requirements by entity type

These obligations contribute to maintaining the legal and operational health of your business. These help you ensure good standing with the state, enabling you to operate seamlessly across different jurisdictions.

C corporation: Post-incorporation requirements

• File initial report and/or publish notice of the incorporation in local newspapers (if required by the state)
• Create initial bylaws
• Issue shares of stock to owners (shareholders) and record in stock transfer ledger
• Hold and document the initial meeting of directors (also called the organizational meeting)
• Hold and document the initial meeting of shareholders
• Obtain a federal tax identification number (EIN)
• File assumed name or DBA certificate (if applicable)
• File beneficial ownership information report, if required
• Open a business bank account, obtain a business credit card, and begin establishing a clear separation of business and personal assets
• Obtain necessary business licenses

C corporation: Annual requirements

• Hold and document annual meeting of directors
• Hold and document annual meeting of shareholders
• File an annual report with the state and pay necessary fees
• Pay state franchise tax
• Pay necessary federal and state taxes
• Renew business licenses
• Renew assumed name or DBA registration (if applicable)

S corporation: Post-incorporation requirements

• File Form 2553 with the IRS to elect S corporation status.
• File state-level S corporation election (if required by the state)
• Publish notice of the incorporation in local newspapers (if required by the state)
• Create initial bylaws
• Issue shares of stock to owners (shareholders) and record in stock transfer ledger
• Hold and document the initial meeting of directors (also called the organizational meeting)
• Hold and document the initial meeting of shareholders
• Obtain a federal tax identification number (EIN)
• File assumed name or DBA certificate (if applicable)
• File beneficial ownership information report, if required
• Open a business bank account, obtain a business credit card, and begin establishing a clear separation of business and personal assets
• Obtain necessary business licenses

S corporation: Annual requirements

• Hold and document annual meeting of directors
• Hold and document annual meeting of shareholders
• File an annual report with the state and pay necessary fees
• Pay state franchise tax
• Pay necessary federal and state taxes
• Renew business licenses
• Renew assumed name or DBA registration (if applicable)

LLC: Post-formation requirements

• File initial report and/or publish notice of the LLC formation in local newspapers (if required by the state)
• Create an operating agreement
• Issue membership interest certificates to owners (members) and record in membership transfer ledger
• Hold and document the initial meeting of members (and the managers, if your LLC is manager-managed)
• Obtain a federal tax identification number (EIN)
• File assumed name or DBA certificate (if applicable)
• File beneficial ownership information report, if required
• Open a business bank account, obtain a business credit card, and begin establishing a clear separation of business and personal assets
• Obtain necessary business licenses

LLC: Annual requirements

• Hold and document the annual meeting of members (and managers, if your LLC is manager-managed)
• File an annual report with the state and pay necessary fees
• Pay state franchise tax
• Pay necessary federal and state taxes
• Renew business licenses
• Renew assumed name or DBA registration (if applicable)

LLP: Post-formation requirements

• Publish notice of the LLP formation (if required by the state)
• Create a partnership agreement
• Issue partnership interest certificates to partners and record in partnership transfer ledger
• Obtain a federal tax identification number (EIN)
• File assumed name or DBA certificate (if applicable)
• File beneficial ownership information report
• Open a business bank account, obtain a business credit card, and begin establishing a clear separation of business and personal assets
• Obtain necessary business licenses

LLP: Annual requirements

• File an annual report with the state and pay necessary fees (if required)
• Pay state franchise tax
• Pay necessary federal and state taxes
• Renew business licenses
• Renew assumed name or DBA registration (if applicable)

Nonprofit: Post-incorporation requirements

• File initial report and/or publish notice of the incorporation in local newspapers (if required by the state)
• File Form 1023 with the IRS to apply for federal tax-exempt status (if applicable for your nonprofit)
• File necessary forms with the state to apply for state tax-exempt status (if applicable for your nonprofit and your state requires it)
• Create initial bylaws
• Issue shares of stock to owners (shareholders) and record in stock transfer ledger
• Hold and document the initial meeting of directors (also called the organizational meeting)
• Hold and document the initial meeting of shareholders
• Obtain a federal tax identification number (EIN)
• File assumed name or DBA certificate (if applicable)
• File beneficial ownership information report, if required
• Open a business bank account, obtain a business credit card, and begin establishing a clear separation of business and personal assets
• Obtain necessary business licenses

Nonprofit: Annual requirements

• Hold and document annual meeting of directors
• Hold and document annual meeting of shareholders
• File IRS Form 990
• File an annual report with the state
• Renew business licenses
• Renew assumed name or DBA registration (if applicable)

Conclusion

Ensuring you undertake all necessary post-formation and ongoing requirements, such as annual reports and franchise tax filings, for your business is important. Doing so helps protect the personal assets of owners (protects the corporate veil) and keeps your company in good standing with its state of incorporation, which means your company has met all state requirements in a correct and timely manner.

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BizFilings Managed Annual Report Filing Service monitors, manages, and files each of your annual reports — on time and according to state specifications—ensuring that your business stays in compliance.