You Formed Your LLC—Now What?
Starting an LLC is a major milestone, but it’s just the beginning. To stay compliant and set your business up for success, there are a few important steps to take right after formation.
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Page Contents
Top Next Steps for Your LLC
1. Get an EIN
An Employer Identification Number (EIN) is like a Social Security number for your business. You’ll need it for taxes, opening bank accounts, and hiring employees.
2. Open a Business Bank Account
Keep your business and personal finances separate. A dedicated business bank account builds credibility and simplifies your accounting.
3. Apply for Business Licenses & Permits
Depending on your industry and location, you may need state, local, or federal licenses. Don’t risk fines—research and apply for the correct permits.
4. Draft an Operating Agreement
Even if it’s not legally required, an operating agreement outlines how your LLC is managed and helps prevent future conflicts.
5. Set Up an Accounting System
Use bookkeeping software or hire a professional to track income, expenses, and taxes. Staying organized helps you grow.
6. File for S Corp Status (If Needed)
If you want to be taxed as an S Corporation, you must file IRS Form 2553 within 75 days of forming your LLC. Not sure if it's right for you? Ask us.
7. Get Business Insurance
Protect your business from liability and risk. Options include general liability, professional liability, and property insurance.
8. Build Your Online Presence
Secure your domain name, launch a website, and create business profiles on Google and social media platforms.
9. Plan for Taxes
Understand your tax responsibilities and set aside funds accordingly. Consider working with a tax advisor.
10. Stay Compliant
Mark your calendar for important filings like annual reports or renewals. Falling behind on compliance can lead to penalties.
Bonus Tip: Revisit Your Business Plan
Now that your LLC is official, revisit your goals and strategy. Make adjustments based on what you’ve learned and where you’re headed.
FAQs: Life After LLC Formation
Do I need to file an operating agreement?
Some states require it, but it’s recommended for all LLCs—even single-member ones.
What happens if I don’t get a business license?
You could face fines, delays, or even forced shutdown depending on your jurisdiction.
Can I use my personal bank account?
It’s best to keep business finances separate to protect your liability status and simplify taxes.
What if I miss a compliance filing?
You may owe penalties or risk losing good standing. Set up reminders or use a service to stay on track.
Let Balah Help You Take the Next Step
We’ll guide you through everything your LLC needs after formation—from EINs and licenses to compliance and branding support.