Spring is the perfect time to refresh and reset – not just for your home, but for your business too! The following Entity Spring Cleaning Checklist is meant to help business owners stay organized, mitigate risks, and optimize operations for the year ahead.

Keeping your entity in good standing requires more than just filing taxes. From legal compliance to financial health and strategic planning, a thorough review ensures your business is on track for success. I’ve put together a comprehensive Entity Spring Cleaning Checklist to help business owners stay organized, mitigate risks, and optimize operations for the year ahead. Take a look and make sure your business is in top shape!

Legal & Compliance

• Check entity information on the Secretary of State’s website for accuracy.
• Mark annual or biennial filing due date and ensure timely submission.
• Review operating agreements/bylaws to ensure they reflect current business practices.
• Confirm business licenses and permits are valid and up to date.
• Ensure ownership records are current, including any equity changes.

• Capture key decisions in consent minutes (especially for LLCs, corporations, and partnerships).
• Check for any new state or federal compliance requirements affecting your business.

Financial Health & Tax Prep

• Update financial statements (balance sheet, income statement, and cash flow statement).
• Review and reconcile accounts (bank, credit cards, loans, etc.).
• Schedule an appointment with a CPA for tax planning and compliance review.
• Confirm tax filings and deadlines (federal, state, payroll, and sales tax).
• Ensure estimated taxes were paid if required.
• Assess profit distributions and capital contributions for tax and cash flow impact.
• Verify business expense categorization for maximum deductions.

Contracts & Agreements

• Review key contracts for renewal, termination, or renegotiation.
• Confirm compliance with contractual obligations (e.g., payments, performance metrics).
• Update employment agreements and policies in line with legal changes.
• Check confidentiality and non-compete agreements for enforceability.

Business Operations & Risk Management

• Review insurance policies for coverage gaps.
• Ensure cybersecurity measures are up to date (passwords, backups, data protection policies).
• Update emergency and disaster recovery plans if applicable.
• Check corporate records and ensure proper documentation is maintained.
• Verify vendor and supplier relationships for continued reliability and pricing.

Strategic Planning & Growth

• Assess business goals and KPIs to track progress and adjust strategies.
• Review marketing and sales strategies for effectiveness.
• Evaluate staffing needs and team performance to determine hiring or restructuring.
• Explore funding opportunities (loans, investors, or grants).
• Plan for upcoming major expenses or investments.

Whether you’re a boutique RIA or an enterprise firm, SRG is here to support you on your path. Check out more great resources in our resource library here.