As many people scramble to finish their last-minute holiday shopping and make sure everyone on their gift list is covered, business owners have another list to pay attention to.  This list is called the business compliance checklist.  Businesses must fulfill their legal obligations to stay in good standing with the state.  Failure to do so may result in fines, fees, penalties, and even suspension or dissolution of their companies.

An end of year legal checklist typically includes reviewing and filing annual reports, checking and renewing business licenses, assessing any business changes throughout the year, verifying tax compliance, reviewing corporate governance policies, considering dissolutions or withdrawals for inactive entities, and filing final payroll taxes.