After forming a corporation, you must undertake certain steps on an ongoing basis to keep your business in compliance. These steps are also important in preserving the limited liability a corporation provides its owners. This guide outlines the ongoing requirements for Iowa corporations.
Iowa corporations must keep the following with their corporate records:
- The Articles of Incorporation and any amendments
- Bylaws or restated bylaws and any amendments
- Resolutions by the board of directors creating one or more classes or series of shares, and fixing their relative rights, preferences and limitations
- Minutes of shareholder meetings for the past three years
- Records of actions taken by the shareholders without a meeting for the past three years
- Written communications to shareholders for the past three years, including financial statements
- A list of names and business addresses of current directors and officers
- Most recent biennial report
Corporate taxes and fees
The following are taxation requirements and ongoing fees for Iowa corporations:
- Biennial report. Iowa requires corporations to file a biennial report that is due between January 1 and April 1 of even years. The fee for this report is $45, or $30 if filed online.
- Taxes. For complete details on state taxes for Iowa corporations, visit Business Owner's Toolkit or the State of Iowa.
- Federal tax identification number (EIN). An EIN is required for corporations that will have employees. Additionally, most banks require an EIN in order to open a business bank account.
- State tax identification number. Iowa does not require a state tax identification number.
Business licenses and/or permits are required for most businesses. The BizFilings Business License Application Package can help you stay on top of these requirements.
S corporation election
Iowa recognizes the federal S corporation election and does not require a state-level S corporation election.
Additional Iowa information
View the following additional resources BizFilings has for forming and maintaining companies in Iowa:
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