What to Do AFTER You Form an LLC - 6 Steps You Must Take

Have you formed your LLC (aka Limited Liability Company) and now you are wondering what to do next? This video will share with you the 6 things you need to do now that you have formed your LLC so that you can make sure your business is legally protected and following all the proper rules and guidelines.

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This video is for entertainment and informational purposes ONLY and should NOT be considered legal advice. By watching a video or commenting on a video, we are not forming an attorney-client relationship. If you need specific legal advice, please ask an attorney in your state.

[stevenielsen]

1. Draft an operating agreement
2. Apply for EIN
3. Open a bank account
4. Get a business license
5. Get contracts
6. Get a payroll provider

[KWDLLC]

After getting your New Business LLC verified the next thing to look at when starting a business is the funding and financing options that are available for you at that very moment. But the best funding/ Financing option that any business can get without worrying about paying back is Grant. Talking from experience I hired a Governmental Grant Agent early last year when i wanted to start my business. Everything went well and I was awarded $90k as startup capital through grant

[TremaineRossyion]

Just received my LLC documents in the mail.
It’s official!🙌🏽

[neilreid]

A lot of good advice. My add to it after nine years of my own small company; use Quickbooks to record transactions and get a bookkeeper to keep the records in shape for tax reporting. Then get a small business accountant to pay your quarterly and annual tax amounts. The hard part isn't setting up the business- the challenging parts come after that. Good luck!

[katrinashellenberger]

I'm a young aspiring small business owner and have been trying to piece together information on how to start up a small business correctly for months with little progress. I've gathered more clear and helpful information by watching your content for less than an hour than I have the past year. Thank you so much for sharing your knowledge and making it palatable for newbies!!

[RachelPenningtonHull]

Super helpful. I’ve talked to an attorney, the SBA people, the local chamber of commerce, but this right here is what I’m looking for. Just the nuts and bolts of how to make it go. Thank you

[Guygachelin]

Honestly I’ve been watching videos on this for days. And you’re the only one who’s grabbed my undivided attention because you’re super easy to understand and super detailed. Thanks for what you do. Great job dude.

[CitizenJane]

1.You're a little premature with that "Payroll". If you are a single member LLC, you do NOT need payroll, UNLESS you hire an employee! That is, AS a single member LLC, formerly a sole proprietor, you do NOT "pay" yourself as an employee. (You're dealing with the IRS here! If you get it "wrong", it will cost you!)!There are some Tax Elections that change this, but you have not come to that bridge yet!
2. Make SURE you understand IRS recordkeeping rules. Set up a recordkeeping system from day 1 that complies with IRS Rules!!
3. Also, LLC Laws are Different in Every State! Some states require you to file a report annually, others do not. Make sure you understand Your State's LLC requirements going forward!
4. Use the Chart of Accounts in you bookkeeping software to segregate income/expenses for "different purposes", and open just One checking account; maybe 2 ckg accts, If you have employees (one for payroll. One general biz).

[luxnatsoap]

this was very helpful. Thank you! I am a soap and candle Maker and I just applied for my LLC last week. I have been running as a sole proprietorship for over 10 years. Cancer and hurricane Florence threw a wrench in things for a little while so now we're trying to reorganize. This was very helpful.

[flymine]

#1A file a ucc 1 to protect against possible creditors who may try to place lien on the LLC. #1AA place the LLC in an unregulated private trust, appoint yourself as the trustee for the trust and the LLC.

[janiciagillard]

Love this video. However, here in TN, most banks require you to already have a business license. So if you're in TN, make sure you get the business license before you try to open a business banking account.

[Flymusic]

I used your site to form my llc today I was happy with the site very user friendly and direct but I'm opening a store front

[kapriixoza]

As a former paralegal, thank you for all the valuable information Sir.

[ladyeater]

Great video. You answered my question in the first two minutes of the video. However I still watched the whole video. People like you Sir makes YouTube great thankyou

[mml]

great Job JIm! wish the LLC/SCORP selection wasn't a passthrough like the C corp (but hate the double taxaction), not sure still y it should be a pass through esp. when the income reported can hurt the joint double income 1040 and push u into a higher bracket, they should change the legislation on that?

[pm]

And what about publishing the LLC in the newspaper?" That doesn't matter or what?

[dianehippolyte]

Love the getting my LLC but not sure what i needed...Atlanta really do appreciate the information...
Thanks a million..

[EmpireLiberty]

I am better suited for a sole proprietorship as I do not have partners to share with and deal with their insecurities. I also dont do dumb stuff to risk my business.

[ExRegnar]

Mr Hart, appreciate the information. Definitely helps take the stress out of starting a business, in the legal sense.

[adamsfamilyvlog]

I started my LLC and my business plan for my pastry shop but I’m overwhelmed with what I need to do next. I’m trying to get under the Cottage Food Law.