Congratulations on forming your LLC! However, many entrepreneurs find themselves unsure about what to do next.
The truth is that the initial steps you take after establishing your LLC can significantly impact your business's future.
By securing your Employer Identification Number (EIN) and setting up financial accounts, you lay the groundwork for a successful operation.
In this article, we'll break down the essential actions you need to take to turn your LLC from just a legal structure into a profitable venture.
Get ready to learn the key moves that will set you up for success and keep your business on the right track!
Once you've registered with your state, it's time to get your Employer Identification Number (EIN). Think of it as your business's Social Security number — it's essential for tax purposes and opening a business bank account.
You'll need this nine-digit number when hiring employees or filing certain tax returns.
Getting your EIN is surprisingly simple—if you have a Social Security Number (SSN), you can apply online through the IRS website and often get your number immediately after submitting the form.
While single-member LLCs without employees can use their Social Security number instead, we recommend getting an EIN anyway.
It helps protect your personal information and makes it easier to separate your business and personal finances — something you'll thank yourself for later.
And if you're a non-resident without an SSN, don't worry — we offer a smooth, hassle-free EIN service to help you get set up quickly and confidently.
After securing your EIN, it's time to establish a dedicated business bank account - an essential step that keeps your personal and business finances separate.
You'll need your LLC formation documents and Employer Identification Number (EIN) to get started. Most banks offer business accounts designed specifically for small businesses like yours.
Here's what a dedicated business bank account can do for your LLC:
Remember to shop around for banks offering the best terms and features that match your business needs.
To keep your LLC operating legally, you'll need to secure the right business licenses and permits for your local area.
Start by checking with your city and county offices to determine which specific licenses you'll need for your industry.
Don't forget to take into account any professional certifications required for your trade.
You'll want to create a checklist of all required local business permits and stay on top of renewal dates.
Missing even one license could result in hefty fines or forced closure.
Remember, requirements vary by location — what's needed in one city might differ from another, so always verify with your local authorities.
Setting up a merchant account kicks off your ability to accept credit and debit card payments from customers.
You'll need your LLC's EIN and bank account details to get started.
When choosing a provider, compare their fees and features to find the best fit for your business.
At StartFleet, we recommend Stripe for its ease of use, global reach, and developer-friendly tools. We also offer free Stripe consultation to our customers — covering best practices, how to get approved, and more.
Here's what you'll want to look for in a merchant account provider:
Remember that different providers offer various tools like invoicing systems and payment gateways.
Take time to evaluate these features, as they'll impact your daily operations. Don't forget to read the fine print about monthly fees and contract terms before signing up.
With your merchant account in place, let's focus on protecting your LLC's future through a well-crafted operating agreement. This essential document safeguards your limited liability company by clearly defining how your business operates and makes decisions.
Your LLC operating agreement should outline several key elements:
While not every state requires an operating agreement, you'll want one to protect your interests and maintain your LLC's status.
Think of it as your business's roadmap — it guides you through both smooth sailing and rough waters. Remember to update your agreement whenever significant changes occur in your business structure or membership.
Business insurance serves as your LLC's safety net against unexpected challenges and legal complications. When you're protecting your business, you'll need to evaluate several types of coverage to guarantee thorough protection.
Remember, the right insurance safeguards everything you've worked hard to build.
Here's what you should evaluate for your LLC:
Don't forget to review your business insurance policies regularly as your LLC grows.
You'll want to adjust coverage levels to match your evolving needs and stay compliant with state regulations.
Although forming your LLC marks an exciting milestone, seeking proper legal guidance guarantees your business stays protected and compliant. A qualified attorney can help you draft a thorough operating agreement and ensure you've obtained all necessary licenses for your industry.
Don't overlook the importance of ongoing legal advice for your LLC. Your lawyer can keep you updated on changing regulations and help you navigate potential disputes. They'll review your contracts, protect your assets, and ensure you're meeting all state requirements.
Regular legal guidance protects your LLC by keeping you compliant, resolving conflicts, and safeguarding your business interests.
Think of legal guidance as an investment in your business's future. You'll sleep better knowing a professional is watching out for compliance issues and helping you avoid costly mistakes.
Plus, having a lawyer in your corner gives you more time to focus on growing your business.
You'll need to stay on top of your state's annual reporting requirements and filing deadlines to keep your LLC in good standing.
Don't forget to check if you need sales tax permits, especially if you're selling products or certain services in your state.
Managing these compliance requirements might seem overwhelming at first, but creating a simple checklist with important dates and requirements will help you stay organized and avoid penalties.
Once your LLC is officially registered, staying compliant with state requirements becomes a vital priority.
You'll need to keep track of annual report deadlines and guarantee timely filings to maintain your company's good standing. Missing these essential deadlines can result in hefty penalties or even the dissolution of your business.
Here's what you need to stay on top of your annual reporting requirements:
Beyond annual reports, managing your sales tax obligations represents another key responsibility for your new LLC.
You'll need to research your state's specific requirements and obtain the necessary seller's permit before collecting any sales tax from customers.
Don't let this essential step slip through the cracks — failing to get proper permits can result in hefty fines and back taxes.
If you're selling in multiple jurisdictions or online, you might need additional permits for each location where you conduct business.
Make sure you're tracking renewal dates, as most states require periodic updates to maintain compliance.
Keep in mind that sales tax requirements vary considerably by state, so what works for a business in Texas mightn't apply in California.
When in doubt, consult with a tax professional familiar with your state's regulations.
If you're a non-resident running an online, service-based business without a physical presence in the U.S., you likely won't need a sales tax permit — these are generally required for businesses with local, in-person operations. Always confirm with a tax expert to be sure your setup stays compliant.
While physical office space isn't always necessary, having a professional business address certainly is. A virtual business address offers you the perfect solution to manage your mail digitally while maintaining privacy and projecting a professional image.
You'll get the benefits of a physical location without the overhead costs.
Here's what you can expect from a virtual address service:
Related reading: Can I use my home address for my LLC?
A solid bookkeeping system forms the backbone of your LLC's financial health.
You'll want to start by opening a dedicated business banking account to keep your personal and company finances separate. This simple step will make your life much easier during tax season!
Consider using accounting software like QuickBooks or FreshBooks to automate your financial tracking. These tools make it a breeze to manage invoices, track expenses, and generate reports.
Set aside time each month for bookkeeping tasks — it's like a monthly financial check-up for your business.
Don't hesitate to bring in a professional accountant, especially during tax time. They'll help guarantee you're following tax laws correctly and might even find deductions you didn't know about.
Since establishing your LLC marks an exciting milestone, creating a detailed business plan will help chart your path to success.
You'll want to outline your goals, target market, and what makes your business unique. Your financial plan should project income and expenses for the next 3-5 years, showing potential investors you're serious about growth.
Here's what your business plan needs to include:
Remember to review and update your plan regularly as your business evolves.
Think of it as your roadmap to success!
Once you've outlined your business plan, it's time to develop a powerful marketing strategy that will put your LLC on the map. As a small business owner, you'll want to focus on both digital and traditional marketing channels to maximize your reach.
Start by identifying your target audience and what makes your business unique. Then, create a strong online presence through social media platforms like Facebook and Instagram, where billions of potential customers spend their time.
Don't forget to optimize your website for search engines — most people start their buying journey with a Google search! Consider starting a blog or creating video content to establish yourself as an industry expert.
Remember to track your results using tools like Google Analytics. This data will help you refine your marketing strategy and get the best return on your investment.
Building on your marketing strategy, it's time to establish your LLC's digital footprint. After securing your business name registration and professional licenses, you'll want to create a strong online presence that reflects your brand's professionalism and values.
As your LLC takes shape, connecting with other business owners becomes a powerful catalyst for growth and success. Start by joining local business associations or your chamber of commerce to tap into a vibrant community of entrepreneurs who understand your journey.
Don't limit your networking to in-person events. Explore online business forums and social media groups where you can share experiences and learn from others' successes and challenges.
Consider attending industry trade shows and local business workshops to stay ahead of market trends while building meaningful relationships.
Remember to seek out mentors within your business community. Their guidance can help you navigate common pitfalls and identify growth opportunities.
Whether you're exchanging ideas at a local meetup or participating in online discussions, these connections can become invaluable resources for your LLC's development.
Staying on top of industry regulations will make or break your LLC's long-term success.
You'll need to keep a watchful eye on local, state, and federal requirements that affect your business. Consider creating a compliance checklist and updating it regularly as regulations change.
Don't just rely on yourself to catch every update. Subscribe to industry newsletters and join professional organizations that track regulatory changes.
They'll help you spot important updates you might otherwise miss. You can also network with other business owners at industry conferences to share insights about compliance challenges.
Consider scheduling regular check-ins with a legal expert who specializes in your industry.
They'll help guarantee you're meeting all requirements and can alert you to upcoming changes that might impact your LLC's operations.
Your business strategy shouldn't sit on a shelf gathering dust. As a savvy business owner, you'll need to regularly evaluate and adjust your approach to stay competitive and profitable.
Setting clear goals and tracking your progress through financial reports helps you make informed decisions about your company's direction.
StartFleet helps you with your US Company formation. Apart from helping you to register a US company we offer a lot more:
Related Reading: What to Do After Incorporating a Corporation
Kathleen Schweitzer is an international taxation expert, providing strategic counsel to businesses with complex compliance, tax and financial issues in an effort to help them grow their business globally. She often gives lecture on U.S. tax developments, transfer pricing, taxes on the sale of goods and services, U.S. tax policy development, taxation of internet commerce and multi-jurisdictional global tax planning. Kathleen enjoys reading, photography, cooking and spending time with her husband and eleven-year-old daughter.
Building an online business is a lonely endeavor.
Join our newsletter to get stories of successful global entrepreneurs on how they build their online business.
.png)
