Now that I have my Corporation or LLC, what do I do next?

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:

  •    Hire employees
  •    Pay income taxes
  •    Remain in compliance with federal, state, and local laws
  •    Open bank accounts
  •    Establish a business credit history file
  •    Obtain lines of credit and make payments to creditors

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.

Ask for Help

Whether need help obtaining your EIN or checking your S-class corporation status, GovDocFiling can help. Apply for your Tax ID and get your business off to the right start.

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