Documents Needed to Manage Your LLC or Corporation
Bizee helps entrepreneurs keep the right documents in order to manage their LLC or corporation. Learn which records, filings, and forms you need to stay in good standing.
Bizee Editorial Staff
Editorial Team
Introduction
Managing an LLC or corporation means keeping a specific set of documents current and accessible. The core documents fall into 5 categories: governing documents, ownership records, tax and EIN paperwork, state filings, and meeting minutes or resolutions. Getting these in order early makes compliance, banking, and tax filing much easier down the road.
Governing documents: operating agreement and bylaws
Your governing document is the foundation of how your business runs. For an LLC, that's the operating agreement. For a corporation, it's the bylaws. These documents define who owns what, how decisions get made, and what happens if a member or shareholder leaves. Most states don't require you to file these with the state, but you need them in your records.
An LLC operating agreement should cover member ownership percentages, voting rights, capital contributions, how profits and losses are split, and how the business can be dissolved. A corporation's bylaws typically address board of directors meetings, officer roles, stock issuance, and how the bylaws themselves can be amended. Banks and investors will ask for these documents, so having a current, signed copy on hand matters more than most people expect.
Tax documents and your EIN
Every LLC and corporation needs an Employer Identification Number (EIN) — the federal tax ID the IRS uses to identify your business. You apply using Form SS-4, and if you apply online through the IRS website, the EIN is issued immediately. Keep a copy of your EIN confirmation letter; banks, payroll providers, and state agencies will ask for it.
Beyond the EIN, the tax forms your business files each year depend on how it's taxed. A single-member LLC disregarded for tax purposes reports income on Schedule C of Form 1040. A multi-member LLC files Form 1065. A corporation files Form 1120, and an S Corporation files Form 1120-S. If you have employees, you'll also need to file Form 941 for payroll taxes and issue W-2s. If you pay contractors $600 or more in a year, you'll need to file Form 1099-NEC.
Ownership records and membership interests
Both LLCs and corporations need to keep clear records of who owns the business and how much. For an LLC, that means a current list of members with their names, addresses, ownership percentages, and capital contributions. For a corporation, it means a stock ledger that tracks shares issued, transferred, and outstanding.
These records aren't just good housekeeping. If your business is ever audited, sold, or brought into a legal dispute, ownership records are the first thing anyone asks for. Keeping them updated after any change in membership or share structure is one of those tasks that's easy to skip and expensive to reconstruct later.
State filings and annual reports
Most states require LLCs and corporations to file an annual or biennial report with the Secretary of State to stay in good standing. These reports typically confirm or update your registered agent, principal address, and the names of members, managers, directors, or officers. Missing the deadline can result in the state administratively dissolving your business.
Some states also require franchise tax filings or additional disclosures alongside the annual report. Deadlines and fees vary by state, so check your state's Secretary of State website for the exact requirements. A few states use biennial reports instead of annual ones, covering a 2-year period.
Meeting minutes and resolutions
Corporations are required by most states to keep minutes of board of directors and shareholder meetings. These records document major decisions — things like approving a budget, issuing stock, or authorizing a loan. Corporate resolutions are the formal written record of specific actions the board or shareholders approved.
LLCs don't have the same statutory requirement for meeting minutes in most states, but many operating agreements require written records or consents for major decisions. Even when it's not required, keeping a written record of significant decisions protects members if a dispute comes up later. Where state law allows, written consents can substitute for a formal meeting in both corporations and LLCs.
FAQ
It depends. Some states require LLCs to have an operating agreement, but many do not. Even where it's not legally required, having one is strongly recommended. Without an operating agreement, your LLC falls back on default state rules, which may not reflect how you and your members actually want to run the business.
Yes. An Employer Identification Number (EIN) is a federal tax ID issued by the IRS. LLCs and corporations need one for tax reporting, opening a business bank account, and hiring employees — even if the business has no employees yet. You apply using Form SS-4, and online applications are processed immediately.
Generally, the state will first assess a late fee. If the report remains unfiled, the state can administratively dissolve or suspend your LLC or corporation, which means your business loses its legal standing. Reinstating a dissolved business takes more time and money than filing on time. Check your state's Secretary of State website for the exact deadline and fee.
Generally, no — most states don't require LLCs to hold formal meetings or keep minutes the way corporations do. But if your operating agreement calls for written records of major decisions, you need to follow it. Plus, keeping written records of significant decisions is good practice regardless of what the law requires, since those records can protect members if a dispute comes up later.
An LLC needs a current list of all members with their names, addresses, ownership percentages, and capital contributions. The operating agreement typically documents membership interests and management structure. Both should be updated any time ownership changes. These records are what banks, investors, and courts ask for first when they need to understand who owns the business.
It depends on how your LLC is taxed. A single-member LLC disregarded for tax purposes reports income on Schedule C of Form 1040. A multi-member LLC files Form 1065. If your LLC elected S Corporation status, it files Form 1120-S. If it elected C Corporation status, it files Form 1120. A tax professional can help you figure out which classification fits your situation.
