What to Do Right After Your LLC Is Approved
Congratulations! Your LLC is approved. Now what? Here's your step-by-step checklist to get your business up and running properly.
Immediate Actions (First 24 Hours)
Get Your EIN
Apply for your Employer Identification Number (EIN) immediately. This is your business's tax ID and you'll need it for everything else.
How to Apply:
- • Go to IRS.gov/EIN
- • Click "Apply Online Now"
- • Complete the application (5 minutes)
- • Receive EIN immediately
- • Save the confirmation letter
Open a Business Bank Account
Open a separate business bank account immediately. This is crucial for maintaining your LLC protection and keeping finances organized.
What You'll Need:
- • Your EIN
- • LLC formation documents
- • Operating agreement
- • Government-issued ID
Recommended Banks:
- • Local credit unions
- • Online banks (Chase, Bank of America)
- • Digital banks (BlueVine, Novo)
- • Compare fees and features
Set Up Your Operating Agreement
Create or finalize your operating agreement. This document outlines how your LLC will be managed and protects your limited liability.
Key Sections to Include:
- • Member information and ownership percentages
- • Management structure and decision-making
- • Profit and loss distribution
- • Transfer and dissolution procedures
- • Dispute resolution process
First Week Checklist
Financial Setup
- Apply for business credit cards
- Set up accounting software
- Transfer any existing business funds
- Set up payment processing
Business Setup
- Get business insurance
- Apply for necessary licenses
- Set up business email and website
- Create business cards and materials
Tax and Compliance Requirements
Tax Setup
Federal Requirements:
- • File Form SS-4 (EIN application)
- • Choose tax election (default or S-Corp)
- • Set up quarterly estimated tax payments
- • Plan for annual tax filing
State Requirements:
- • Register for state sales tax (if applicable)
- • File annual reports
- • Pay state franchise taxes
- • Maintain registered agent
Record Keeping
Set up proper record keeping from day one. This protects your LLC status and makes tax time much easier.
Financial Records:
- • Bank statements
- • Receipts and invoices
- • Expense tracking
- • Profit/loss statements
Legal Records:
- • Formation documents
- • Operating agreement
- • Meeting minutes
- • Annual reports
Tax Records:
- • EIN confirmation
- • Tax returns
- • Quarterly payments
- • Deduction documentation
Setting Up Business Operations
Client Management
Set up systems for managing clients, contracts, and invoicing. Consider CRM software for larger operations.
Insurance
Get appropriate business insurance. General liability insurance is often essential for protecting your business.
Professional Image
Create a professional business image with a website, business cards, and consistent branding.
Common Mistakes to Avoid
Don't Mix Personal and Business
Never use your personal bank account or credit cards for business expenses. This can destroy your LLC protection.
- • Use business accounts only for business
- • Pay yourself through proper distributions
- • Keep detailed records of all transactions
- • Never use personal funds for business
Don't Ignore Compliance
Missing annual reports or tax filings can result in penalties, loss of good standing, or even dissolution.
- • Set up compliance calendar
- • File annual reports on time
- • Pay estimated taxes quarterly
- • Keep registered agent updated
How Start With Genie Helps You Get Everything Right
Complete Setup
We provide EIN application guidance and comprehensive operating agreement to get you started properly.
Step-by-Step Guidance
Our detailed instructions help you avoid common mistakes and set up your LLC correctly from day one.
Flat $49 Rate
No hidden fees or upsells. Just $49 for everything you need to form your LLC and get started properly.
Ready to form your LLC? Our step-by-step setup guide shows you exactly what to do.