After you form your corporation, you will need to file annual, biennial, or periodic reports (depending on your state’s requirements). There reports keep your corporation’s information updated on the state’s records. Some states also require corporations to file an initial report shortly after you incorporate your business. These reports are usually pretty simple, but, for whatever reason, thousands of companies neglect to submit them every year and fall out of good standing with their states. Corporations also typically file federal corporate income taxes—and many states also have a state-level corporate taxes, and potentially franchise taxes or other filing requirements.

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