After your LLC is formed, the main next steps are finishing your operating agreement, getting an EIN, checking licenses, separating your business finances, and setting up simple bookkeeping. The right order depends on your situation — a personalized roadmap lays it out for you.
Your After-Formation Checklist
- 01
Create or Finish Your Operating Agreement
If you haven't documented how your LLC is owned and run, do it now — it's the internal rulebook for your business, and especially important with more than one owner.
Read the guide → - 02
Get Your EIN
Your federal tax ID comes from the IRS and is free. You'll need it for banking, taxes, and hiring.
Read the guide → - 03
Check Licenses and Permits
Licensing is separate from formation. Check your state and city requirements based on what your business actually does.
Read the guide → - 04
Separate Your Business Finances
Open a business bank account so the LLC's money is distinct from your personal money. This separation is part of what makes the LLC structure meaningful.
- 05
Set Up Bookkeeping
Even a simple system for tracking income and expenses makes tax time dramatically easier and gives you a real picture of how the business is doing.
- 06
Understand Your Taxes
How your LLC is taxed can depend on your situation — including whether you have employees. Use official tax resources and consider talking to a qualified professional about your specific circumstances.
- 07
Review Your Insurance Needs
Depending on your activities, business insurance may be worth considering. What's appropriate depends on the risks in your specific business.
- 08
Keep Business Records
Keep your formation documents, operating agreement, licenses, and filings organized and accessible. Ongoing records make future filings and decisions easier.
- 09
Track Ongoing State Requirements
Most states have recurring requirements — Washington, for example, has an annual report. Know what's coming and when, so nothing lapses unnoticed.
Read the guide →
Common Mistakes
Treating the formation filing as the finish line and stalling on the EIN and banking steps.
Running business money through a personal account, which undermines the separation the LLC provides.
Assuming formation handled licensing — the two are separate processes.
Waiting until tax season to set up any record-keeping system.
Losing track of recurring state filings like annual reports.
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FAQ
Do I have to do all of this right away?
Some steps — like the EIN and banking — usually come first in practice. Others, like insurance or formal bookkeeping, depend on your business. A personalized roadmap orders these based on your situation.
What happens if I skip the operating agreement?
Many states don't require one, but without one, questions about ownership and management have no written answer. For multi-member LLCs that's a real risk worth avoiding.