Corporate Compliance Checklist

What is corporate compliance?

Corporate compliance is the ongoing maintenance of legal, tax, and regulatory obligations for a legal entity — annual reports, registered agent, beneficial ownership reporting, franchise tax, foreign qualifications, and required licenses.

Why this matters

• 'Not in good standing' status disqualifies the entity from most business credit and funding products.
• Beneficial ownership (BOI) under the Corporate Transparency Act became mandatory in 2024 — non-filers face $500/day penalties.
• Lender underwriting routinely pulls Secretary of State status before final approval.

How it works

• ›Annual reports filed with the state of formation and any state of foreign qualification.
• ›Registered agent maintained continuously; lapses trigger administrative dissolution.
• ›Franchise tax (where applicable: CA, DE, TX, NY) paid annually.
• ›Beneficial ownership (BOI) filed with FinCEN within 90 days of formation; updated within 30 days of any change.

Examples in practice

Step-by-step process

1. 1

   Document annual filing deadlines for state of formation
2. 2

   Document foreign qualification states and deadlines
3. 3

   Maintain active registered agent
4. 4

   File FinCEN BOI within 90 days of formation
5. 5

   Calendar all annual deadlines with 60-day reminders

Action checklist

• Entity in good standing in state of formation
• All foreign qualifications current
• Registered agent active
• Annual reports filed
• Franchise tax paid (where applicable)
• FinCEN BOI filed and current
• Business licenses current
• Sales tax registration current (where applicable)

Common mistakes to avoid

• Missing annual reports — most common cause of admin dissolution
• Skipping FinCEN BOI — $500/day civil penalties
• Letting registered agent lapse — triggers Secretary of State notices not received

Frequently asked questions