Workflow Templates: Legal Entity Management Checklist

Review the business plan to determine the appropriate legal entity structure

Complete and file the articles of incorporation or organization with the relevant state authority

Obtain any necessary business licenses and permits for the legal entity

Apply for an Employer Identification Number (EIN) with the IRS

Set up a system for tracking and paying taxes on time, including income taxes, sales taxes, and payroll taxes

Maintain a registered agent and registered office in each state where the entity does business

Keep minutes of all shareholder and director meetings

Ensure all corporate bylaws and operating agreements are up to date and reflect current operations

File annual reports with the appropriate state authorities

Hold annual shareholder and director meetings, and document these in the corporate records

Review and renew business licenses and permits as necessary

Monitor changes in relevant laws and regulations that may affect the entity's compliance status

Implement compliance policies and procedures to adhere to both domestic and international regulations

Consult with legal counsel to handle any legal disputes or litigation matters

Set up a separate bank account for the legal entity

Implement accounting systems to manage the entity's finances

Prepare and review financial statements on a regular basis

Legal Entity Management Checklist