Most of the time when you start a business, you form an LLC. Though forming an LLC is only the first step you take after you form your LLC.

Specifically, there are seven other things to do after you form your business:

1. Get an operating agreement: This is the agreement between the members of the LLC and the LLC itself, describing how the LLC will be run and managed.
2. Apply for an EIN: It’s like the social security number for your business!
3. Open a business bank account: The business’s income is separate from yours so treating it as such is important.
4. License and permits: Sometimes certain licenses and permits are required to run legally. This will vary depending on where you’re located, so doing research on this is vital.
5. Insurance: A general liability policy is going to be beneficial for most businesses. It varies depending on the sort of industry you’re in. An insurance broker can help you determine what kinds of policies and coverage you need.
6. Contracts: Almost every business will need some kind of contract(s). Discussing which type you’ll need with an attorney is best.
7. Annual filing reminders: Most states have annual filings requirements — but not all will send reminders. Set up reminders so you don’t miss the deadline!

 

Check out this episode of All Up In Yo’ Business to learn more about why each of these steps is vital. And be sure to subscribe to our YouTube channel for more All Up In Yo’ Business!

 

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Want more information for your LLC? Check out: Which Comes First: LLC or Trademark?