If a company becomes public, what disclosures must it regularly make?

Companies are required to report unless they fall below certain "thresholds." Filing obligations are suspended if the company has fewer than 300 shareholders, or has fewer than 500 shareholders and less than $10 million in total assets for its last three fiscal years, unless the company’s securities are listed on a Stock Exchange or NASDAQ.

Reporting companies must report information about their operations, their officers, directors, and certain shareholders (including salary, various fringe benefits, and transactions between the company and management), the financial condition of the business (including financial statements audited by an independent certified public accountant), and their competitive position and material terms of contracts or lease agreements. All of this information becomes publicly available.