Ongoing Requirements
-
File annual report with your state
- All entities: LLC, Corp, Nonprofit
-
Maintain a registered agent
- All entities
-
Keep a separate business bank account
- Commingling personal + business funds can void liability protection
-
Annual meetings + keep minutes
- Corporations and nonprofits
-
Follow your operating agreement or bylaws
- LLC, Corp, Nonprofit
-
File Form 990 annually
- Nonprofits — automatic revocation if missed 3 consecutive years
-
Make quarterly estimated tax payments
- All self-employed owners without paycheck withholding
- Renew business licenses and permits
When to Review Your Structure
- Revenue grows significantly
- You bring in partners or investors
- Mission expands or pivots
- You hire your first employees
- Tax law changes materially
- You explore grants or outside investment for the first time
⚠ Piercing the Corporate Veil
Courts can hold you personally liable for business debts if you neglect maintenance or treat your entity as a formality.
- The protections are real — but only if you maintain them
Annual Compliance Checklist
| Requirement | Applies To | Consequence of Neglect |
|---|---|---|
| Annual state report | LLC, Corp, Nonprofit | Administrative dissolution |
| Registered agent | All entities | Loss of good standing |
| Separate bank account | All entities | Piercing the corporate veil |
| Annual meetings + minutes | Corporations, Nonprofits | Loss of liability protection |
| Form 990 filing | Nonprofits | Automatic loss of tax-exempt status (3 years) |
| Quarterly estimated taxes | Self-employed owners | Underpayment penalties |
| Business license renewals | All entities (varies by state/city) | Fines, forced closure |