MyCorporation has helped thousands of entrepreneurs form their own limited liability companies and corporations, and we've noticed that when everything is filed and finished, one of the most common questions we are asked is 'so now what?' Maintenance and filings don't end after your formation, but the process of getting your new entity compliant and ready for business can be broken down into five simple steps.
Step 1: Get Your Employer Identification Number (EIN)
You are going to need one to hire employees or open up a bank account for your business.
Step 2: Protect Your Brand with Trademarks & Domain Names
Begin working to protect your brand. File for trademark protection and don't forget to buy a domain name as soon as possible.
Step 3: Understand Your Licensing and Permit Requirements
Find out what business licenses are required by your state or city. Business licensing varies depending on entity type, location, and industry, so be sure to consult with a professional who can help you pin down exactly what you need.
Step 4: Stay on Top of Annual Reports and Maintenance
Stay on top of your annual maintenance. Most states require that corporations and LLCs File an annual report, which will discloses basic information like your business's name, its address, and its registered agent. You also need to document any changes in the corporation or LLC - for example, if you brought on new owners or investors. Make sure that you also update your operating agreement or bylaws too as new partners, members, and investors will usually want a say in how the company is run.
Step 5: Register in Other States If You Plan to Expand
If you plan to expand your business outside of its home state, remember that no matter where you go, you are always going to have to apply for permission to do business there. If you don't, you could be facing some hefty fines, so remember to file to qualify as a foreign entity in any state you want to do business in.
Here at MyCorporation, we're happy to help you with any and all of the above steps, so you can focus on what is important - running your business. Just call our specialist representatives at 1-877-692-6772 and we will help ensure your LLC or Corporation is compliant, maintained, and ready for business.
Frequently Asked Questions
Do I need a business license after forming an LLC?
In most cases, yes. Depending on your location and the type of business you're running, you may need one or more licenses or permits to legally operate. It's important to check with your city, county, or state to understand what's required.
Is an EIN required after forming an LLC?
If your LLC has employees or more than one member, then yes, you'll need an Employer Identification Number (EIN). Even single-member LLCs often get an EIN to open a business bank account or handle taxes more efficiently.
Who can help me with steps after forming an LLC?
Companies like MyCorporation can guide you through the post-formation process, including getting an EIN, filing for licenses, and staying compliant. You can also consult with a tax professional or business advisor for more personalized help.
What compliance steps should I take after incorporating?
After incorporation, common steps include filing an initial report if required by your state, setting up a registered agent, and drafting an operating agreement or bylaws. You'll also want to track key deadlines like annual reports or renewals.
After you get an LLC, what's next legally?
Legally, you'll need to maintain good standing with the state by staying on top of required filings and fees. You may also need business licenses, an EIN, and a separate bank account to keep your business compliant and organized.
