LLC End of Year Checklist
LLC End of Year Checklist
General Items
- Ensure all business supplies and equipment are in good condition
- Back up all important business data and documents
- Review insurance policies for adequacy and renew if necessary
- Communicate with members about year-end processes
Financial Review
- Review all financial statements for accuracy
- Reconcile bank and credit card statements
- Prepare and analyze profit and loss statements
- Review accounts receivable and accounts payable
- Ensure all invoices are collected before year-end
Tax Preparation
- Gather all tax documents (W-2s, 1099s, etc.)
- Review prior year tax return for changes
- Consult with a tax professional
- Estimate tax liability and set aside funds
- Prepare necessary forms for state and federal taxes
Compliance and Documentation
- Confirm all state and federal filings are up to date
- Review and update operating agreement if needed
- Document major business decisions made during the year
- Conduct annual meeting and record minutes
- Verify business licenses and permits are current
Planning for Next Year
- Set financial goals and budgets for the upcoming year
- Evaluate business structure and make necessary adjustments
- Plan marketing strategies and campaigns
- Review employee performance and set objectives
- Identify potential areas for growth or improvement
Generated from Panda Checklist
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