If you are considering incorporating your business or forming an LLC (limited liability company), you either know or are realizing that the process involves certain steps: file the appropriate paperwork, pay the necessary fees, etc.
But what happens after incorporation?
What must businesses do after the incorporation is complete?
Steps by business type
For the most part, what you need to do varies by the type of business you incorporate: C corporation, S corporation, LLC, limited liability partnership (LLP), limited partnership (LP), or nonprofit corporation.
The chart below outlines post-incorporation steps specific to these business types. For a list outlining steps businesses, in general, often need to take after incorporating, view our Business Startup Checklist.
Common requirements after incorporating
Post-incorporation requirements for all business types include:
- File initial report/list, if state requires it.
- Publish notice of the incorporation or formation in local newspapers, if the state requires it.
Annual requirements for all business types include:
- File annual report with the state, if your state requires it, and pay necessary fees.
- Pay franchise tax, if your state requires it.
- Pay necessary federal and state taxes.
Requirements by business type
|Type||Post-incorporation requirements||Unique annual requirements|
Ensuring you undertake all necessary post-formation and ongoing requirements, such as annual report and franchise tax filings, for your business is important. Doing so both helps protect the personal asset protect 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.
After incorporation, establish a business calendar for yourself that notes all the important steps and deadlines for your company, or use an online business compliance management tool, such as BizComply.