Congratulations — you formed an LLC. The hard part is over. The boring part is just beginning. Here's the short list of things you actually need to track in your first year.
1. Get your EIN
Free, takes 10 minutes online at irs.gov. You'll need it to open a bank account, hire anyone, or file taxes. Single-member LLCs technically don't need one, but most banks ask for one anyway.
2. Open a separate business bank account
This is the single most important thing you can do to preserve your limited liability protection. Co-mingling personal and business funds is the #1 reason courts "pierce the corporate veil" and hold owners personally liable.
3. Draft an operating agreement
Most states don't require one. You still want one. Even for a single-member LLC, a simple operating agreement clarifies ownership, voting rights, and what happens if you sell or wind down. It also reinforces the LLC's separate existence in the eyes of a court.
4. Know your state's annual report deadline
Almost every state requires you to file an annual (or sometimes biennial) report. Most charge between $10 and $200. Missing it is the single most common compliance mistake — and the easiest to avoid.
5. Track BOI reporting (if applicable)
The federal Beneficial Ownership Information report under the Corporate Transparency Act applies to most small LLCs. Rules have been changing — check FinCEN's current guidance, since enforcement and deadlines have shifted multiple times.
6. Pay your state's franchise tax or fee
Some states (California, Delaware, Texas) charge an annual franchise tax in addition to the annual report. These are separate filings on separate calendars. Don't assume one notification covers both.
The 1-page calendar
- Federal tax return — due April 15 or per fiscal year
- State annual report — varies by state
- State franchise/license tax — varies by state
- Estimated quarterly taxes — April 15, June 15, Sept 15, Jan 15
- BOI report — check FinCEN for current deadlines
That's the whole compliance list for most first-year LLCs. Put it on a calendar — or hand the annual filings off to us — and you'll never see a delinquency notice.