Principal Attorney
Successfully filing your LLC is a major step for a new business. However, it’s far from the last one. Once your LLC has been filed, there are several essential next steps that you shouldn’t delay getting started on.
Knowing what comes after a successful LLC filing can help ensure you’re starting your business endeavor on the right foot and aren’t forgetting any of the important tasks that lay before you as a new business owner.
First Steps After Filing for LLCs
Once you’ve finished filing your LLC, you should take the time to make sure loose ends are tied up. It’s a good idea to verify that all fees have been paid and there are no further steps you need to take to ensure your LLC filing is actually finished.
Many states, like Texas, don’t have any additional filing requirements, which makes the process easier. However, some states do require additional steps, like also filing for LLC with the county or publishing a notice in the newspaper.
Drafting Your Operating Agreement
After you’re certain your LLC filing is truly complete, it’s time to begin drafting your operating agreement. This essential document will serve as the blueprint for how you run your company.
Your operating agreement lays out your plans for concerns such as:
- Management structure
- Employee/contractor responsibilities
- Hiring and firing procedures
- Disciplinary process
- Structure and function of a board
- Nondisclosure agreements
- Dispute resolution proceedings
There’s no shortage of items that should be considered in an operating agreement. The most important element of a sound agreement is an accurate reflection of your business needs.
Choosing a template off the internet and hoping it covers all of your bases is a mistake. You should always consult with a business law attorney to ensure that your operating agreement is drafted to truly protect your business’s interests.
Obtaining Necessary Licenses and Tax Identification Numbers (TIN)
Once your LLC is filed, you must ensure you have any required licenses. Licensing requirements can depend on industry, geographic location, and the scope of business your LLC is conducting. The most common license obtained after filing for an LLC is a business operation license.
You must also file for a tax identification number (TIN). This is your LLC’s formal identification number that will be used for banking and by the IRS. You can apply for a TIN directly on the IRS website.
Municipal, County, and State Filings
Depending on your location, you may be subject to local, county, or state filing requirements.
For example, filing an annual report is required in most states. However, Texas LLC owners are exempt from this filing requirement. What they are responsible for is a state franchise tax, which is not required in many other states.
Keep in mind that most LLCs with employees also need to file an employer tax, while LLCs that sell goods or services are usually expected to file sales tax returns.
Consulting a business lawyer is the safest way to ensure your LLC is in compliance with any required filings.
Additional Steps After Filing for LLC
Once you’ve drafted your operation agreement and ensured your business operations comply with regulations, it’s time to begin setting up the elements that will allow your business to begin functioning.
Some of the most common steps new business owners need to take include:
- Setting up a business bank account
- Obtaining business insurance
- Obtain Required Licenses or Permits, Registrations
- Obtaining workers’ compensation coverage
- Hiring a bookkeeper
- Registering trademarks to protect your brand name and logo, slogan, and other intellectual property
- Assumed Name (DBA) Filing
- Maintain LLC compliance to keep LLC in good standing
- Creating an LLC operating agreement
- Get Legal Guidance
LLCs encompass a huge array of business types. The exact steps you’ll need to take after filing for LLC will depend on factors like your industry and business models.
The best way to move through the process smoothly is to make a list of the steps you think you’ll need to take and consult a business attorney. A lawyer can give you advice on how to avoid unnecessary expenses and delays. They can also help ensure you aren’t forgetting any steps that will protect your new LLC both legally and financially.
Set Up Your LLC for Success with the Help of a Dallas Business Lawyer
The Sul Lee Law Firm is a leader in Dallas business law. Contact our firm today to speak with an experienced business attorney in Dallas about setting your new LLC up for long-term success.