The First-Year LLC Compliance Checklist

Forming the LLC was the easy part. Keeping it in "Good Standing" with the government requires ongoing maintenance. If you miss these crucial first-year deadlines, you risk late fees, forced dissolution, and losing your personal liability protection.

Updated May 2026 • 7 min read

Quick Answer

In your first year, you must satisfy three levels of government: Federal (get an EIN, file the FinCEN BOI report), State (maintain a Registered Agent, file an Annual Report), and Local (get city/county business licenses). Missing the BOI report alone carries a $591/day penalty.

Federal Requirements (IRS & FinCEN)

[ ] 1. Obtain an EIN

Even if you are a Single-Member LLC, get a free Employer Identification Number from the IRS immediately. You need it for banking.

[ ] 2. File the BOI Report (Strict 90-Day Deadline)

Under the 2024 Corporate Transparency Act, any LLC formed in 2024 or later must report the identities of its "Beneficial Owners" to FinCEN. For LLCs formed in 2026, you have exactly 90 days from your formation date to file this free report online.

[ ] 3. File Form 5472 (Foreign Owners Only)

If you are a non-US resident who owns a US LLC, you must file Form 5472 with the IRS by April 15th of the following year, even if your LLC made zero dollars.

State Requirements (Secretary of State)

[ ] 4. Maintain a Registered Agent

Your state requires you to have a physical address on file where you can receive legal mail (lawsuits). If you hired a Commercial Registered Agent, ensure your subscription is set to auto-renew. If your agent resigns because of unpaid bills, the state will dissolve your LLC.

[ ] 5. File Your Initial / Annual Report

Some states (like California or Washington) require an "Initial Report" within 90 days of formation. Almost all states require an "Annual Report" along with a franchise tax fee. Find out your state's exact deadline (e.g., June 1st in Delaware, May 1st in Florida) and put it on your calendar today.

[ ] 6. Publish a Notice of Formation (NY/AZ/NE)

If you formed your LLC in New York, Arizona, or Nebraska, state law requires you to publish an announcement of your LLC's formation in a local newspaper for several weeks. Do not skip this archaic rule.

Foreign Qualification

If you formed your LLC in Wyoming or Delaware, but you actually live and work in California or Texas, you must file a "Foreign Qualification" in your home state. You cannot just operate a business in a state where it is not registered.

Internal & Local Requirements

[ ] 7. Draft and Sign an Operating Agreement

Keep a signed copy of your Operating Agreement in your files to prove the LLC is a legitimate entity, separate from you personally.

[ ] 8. Open a Dedicated Business Bank Account

Never pay business expenses from your personal checking account. This is called commingling, and it destroys your liability protection.

[ ] 9. Apply for Local Licenses

Call your city or county clerk's office. You may need a general business license, a home occupation permit, or a zoning permit just to legally operate within city limits.

What to Do Next

Read about Mistakes: Review the Common Mistakes After Formation to ensure you aren't already making them.
Setup Banking: If you haven't yet, read why you must have a business bank account.

First-Year Compliance FAQs

Do I have to do all of this in my first month?

No. The BOI Report is due within 90 days. Your local business licenses should be obtained before you start selling. The state Annual Report isn't usually due until the following calendar year.

What if I forget to file the FinCEN BOI report?

The penalty for failing to file the BOI report on time is severe: $591 per day, up to $10,000, and potential criminal penalties.

Are compliance requirements the same in every state?

No. Federal requirements (EIN, BOI) are nationwide. But every state has completely different rules for Annual Reports, franchise taxes, and local business licenses.