Your First Year as an LLC Owner: A Guide to Compliance, Setup, and Growth

So You Formed an LLC — Now What? 

Filing your formation paperwork is a huge step. But staying in good standing? That’s what keeps your business legally protected and running smoothly. 

If you’re unsure what comes next—or worried about missing something—you’re not alone. Many new business owners don’t realize how quickly deadlines can sneak up after formation. 

This guide walks you through everything you need to handle your first year as an LLC owner—from compliance tasks and key filings to smart setup and growth steps. We’ll keep it simple, clear, and actionable so you can focus on growing your business, not chasing paperwork. 

Your First-Year LLC Checklist: What to Do After You Form 

• Get your EIN (highly recommended if not already done) 

• Consider electing S Corporation tax status (optional) 

• File your Initial Report (if required in your state) 

• Check for publication requirements (if required in your state) 

• Apply for business licenses and permits 

• Maintain your Registered Agent 

• Create and store your Operating Agreement (recommended if not already done) 

• Open a business bank account 

• Set reminders for renewals and deadlines 

• Understand your federal, state, and local tax deadlines 

• File your first Annual Report (if required—some states have biennial filings or no report at all) 

• File amendments if anything changes (e.g., address, ownership, Registered Agent) 

• Obtain a Certificate of Good Standing (if you plan to apply for a loan or work with another company) 

• Renew licenses and permits 

• Maintain basic internal records 

• Use tools like ComplianceGuard to stay on track 

Month-by-Month Guide: What to Do After You Form an LLC 

This breakdown gives you a general idea of what to expect in your first year. Deadlines vary by state, so always double-check based on where you formed. 

Month 1: Finalize Setup Tasks, Get Your EIN 

If you haven’t already done so, apply for your Employer Identification Number (EIN) from the IRS. It’s highly recommended, even for single-member LLCs, and it's even sometimes required to open a business bank account, file taxes, and apply for licenses or permits.

Swyft Filings makes it easy by guiding you through the process and submitting your application correctly on your behalf. 

Considering an S Corp Election? 

Some LLCs may benefit from electing S Corporation tax status. It’s best to file early so there’s time to correct any issues before IRS deadlines. Depending on your income and structure, this election can offer potential tax savings.

File Your Initial Report (if applicable) 

Some states (like California, Washington, or Nevada) require an Initial Report to be filed within 30–90 days of formation. It’s usually simple, just your business info, address, and members or managers, but skipping it can lead to penalties. 

Check for Publication Requirements 

Certain states, such as New York, Arizona, and Nebraska, require you to publish a notice of your new LLC in a local newspaper within a set timeframe after formation. If you skip this step, you could face penalties or risk losing your business status. 

Tip: Not all states require this. Check with your Secretary of State or your formation provider to see if it applies where you registered. 

Apply for Any Remaining Business Licenses 

Didn’t grab all the business licenses and permits during formation? Now’s the time. Requirements vary by location and industry. 

Open Your Business Bank Account 

Keeping personal and business finances separate is a must for LLCs. You’ll likely need your EIN and formation docs to open an account. 

Months 2–3: Organize and Plan Ahead 

Set Calendar Reminders 

Mark when your Annual Report is due (if required), plus any license or permit renewals. Don’t assume you’ll remember these months later. 

Create Your Operating Agreement 

If you haven’t already, creating and storing an Operating Agreement for your LLC is smart. Even if your state doesn’t require it, having one can protect you, especially if you have business partners or want to define roles and responsibilities clearly. 

Double-Check Registered Agent Coverage 

Your Registered Agent must be listed at all times. If you named yourself, make sure you're always available during business hours. Many owners prefer a professional service for privacy and peace of mind. 

Months 4–6: Evaluate Growth and Changes 

Has Anything Changed? 

If your Registered Agent, address, business name, or ownership structure has changed, you’ll likely need to file an amendment with the state. The same applies if you’re adding or removing members or managers. 

Need a Certificate of Good Standing? 

A Certificate of Good Standing shows your LLC is active, compliant, and authorized to do business in your state. You may need one to open a business bank account, apply for financing, or partner with another company.  

Requirements vary by state, but Swyft Filings can help you request it quickly and correctly. 

Months 7–9: Stay Organized, Check for Mid-Year Renewals

Depending on your location or industry, some licenses or permits renew mid-year. Stay ahead to avoid late fees. 

Get a Bookkeeping System in Place 

If you haven’t already, set up a system for tracking income and expenses. It’ll make taxes and compliance more manageable in the long term. 

Months 10–12: Prep for Your Annual Report – Know Your Due Date

Most states require an Annual Report in the first year. Some go by your anniversary month, others use a fixed date. Miss it, and you could face late fees—or even risk losing your LLC status. Check your state’s requirements—missing a report can result in late fees or even administrative dissolution. 

File Early or Let Us Handle It 

Don’t let this deadline sneak up on you. ComplianceGuard not only sends reminders—it includes one free Annual Report filing every year to help you stay compliant without the stress. 

Understand Your LLC Tax Deadlines

While LLCs aren’t taxed at the business level by default, you may still face federal, state, or local tax obligations in your first year—especially if you have multiple members or elect S Corp status.  

Here’s a full breakdown of key LLC tax deadlines: 

• Single-member LLCs: Typically report business income on Schedule C of their personal tax return—due April 15 

• Multi-member LLCs: File Form 1065—also due April 15 

• LLCs taxed as S Corps: File Form 1120-S—due March 15 

• You may also need to make quarterly estimated tax payments, depending on your income and structure 

State requirements vary.  Some states charge an annual franchise tax, impose LLC-specific fees, or require a separate state return—even for single-member LLCs. Check with your state’s tax authority or a qualified professional to be sure. 

Need help sorting out your deadlines?  A tax professional can help you avoid surprises. Talk to a pro at 1-800Accountant—a trusted Swyft Filings partner for small business tax support. 

Stay Compliant Without the Burnout 

Compliance doesn’t have to be overwhelming. With a clear checklist and a little planning, you can stay on top of your LLC’s requirements and focus on growing your business.

Swyft Filings can help with tools like ComplianceGuard and Registered Agent Services, designed to make your first year smoother and keep your business in good standing for years to come.

ComplianceGuard is an all-in-one compliance support system that includes automated reminders and built-in filings, such as:

• A free one-time Initial Report filing (where applicable) 

• One free Annual Report filing every year 

• One free business amendment filing every year 

(Need a one-time filing instead? We’ve got you covered there, too.)

Registered Agent Services provide a reliable legal contact to receive your government documents, lawsuits, and tax notices—so you never miss something important.

Final Thoughts 

Forming your LLC is just the beginning. The real momentum and protection come from staying compliant and focused on growth all year.

This checklist is your guide. But you don’t have to go through it alone. 

Swyft Filings has helped hundreds of thousands of business owners start strong, stay compliant, and grow with confidence.

Ready to simplify compliance? 

• Explore ComplianceGuard 

• File My Annual Report 

• Update My Business Info 

Sources:  

• Venture Smarter: When Are Taxes Due for an LLC? (All You Need To Know) 

• 1-800Accountant: Free Tax Savings Consultation