Even after you’ve finalized your new business structure, you have some administrative chores to take care of before you can get your company moving. You might be wondering what to do after incorporating. Or you could be asking yourself, “I formed an LLC now what?”
Here are the essential next steps:
Get Your EIN
The process of incorporating or forming an LLC does not include the necessary registration with the IRS. The filings to create these business structures takes place at your Secretary of State’s office for your state, but you must also make the IRS aware of your new legal entity.
An employer identification number enables several important core functions, and you should take care of this immediately after you receive confirmation your company’s new structure was approved.
EIN enables you to:
Your EIN is a critical identifier that functions very similarly to a social security number. It becomes difficult to operate without it.
Register Your DBA
Designate and register your company’s legal business name, know as a DBA (Doing Business As), with the local government agency. This action locks in your identity and keeps others from making assumptions about your firm’s identity. It also clarifies your identity for formal documents and actions taken by your business.
Organize Your Finances
At the very least, you need a business checking account. Never comingle business and personal expenses even if you operate a sole proprietorship.
Consider opening a merchant account and apply for a line of credit to handle cash flow emergencies. If you need specialized equipment, you may arrange lease contracts or hire vendors to fill your supply needs.
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