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Steps to Take After Incorporating Your New Business
Starting a new business or corporation can be exciting, but it is difficult for the first time owners to decide on what to do after starting a business. Many questions arise in the minds of new entrepreneurs after forming an LLC or incorporating the business.
Lets us discuss the essential things that you got to do after incorporating your new business.
1. Execute the Original Documents
After filing the company papers, you need to create bylaws for your company. The bylaws of the company define the internal governing rules of the meeting to be held, the number of votes required to take any actions, how the stock is issued and also appointing the officers on specific duties in the company. The agreement also defines the duties and responsibility of each director and how the members’ benefits and shares are transferred. The allocation of profit and loss among the members is also defined in the bylaws.
2. Get the Employee Identification Number (EIN)
All the companies need to get federal tax ID number also called Employee Identification Number (EIN). EIN is essential to file the tax returns and to open the business bank account for company transactions.
3. Get Fictitious Business Name
If you made any change in the name of the company after the paperwork is completed, then you need to file DBA for the variation. The corporation or LLC has to file for the DBA to ensure that the corporation and the DBA are running under the same roof.
4. Open a Business Bank Account
To file tax returns, you need to have a company-operated bank account. The company transactions are to kept separate from the personal transactions. The companies need business formation documents and your EIN to open an account in the bank. If you previously have a partnership or sole proprietorship bank account, then you have to close them and open a new account.
5. Apply for Business Licenses and Permits
A business license gives you the legal right to operate your business. Most of the company require federal or local permits to work in a particular location. You need to find out what are the licenses and permits required for running your business smoothly. Contact the government offices or any online legal filing services firm like Bizlic to get more details of licenses.
6. Apply for Trademarks if Necessary
When you incorporate your company, to prevent the other companies from using the same name, you need to go for trademark protection. The federal trademark protection allows you to protect your name in all the 50 states. By officially registering the name, you are also preventing others from choosing the name in the future too.
7. Documentation to Work with Third Parties
If you are planning to work with the third parties to distribute the work, then you need to have the documentation ready to specify the relationships with the contractors and other persons. The paperwork will not give a chance of misunderstandings if any, in the future.
8. Sign all the Documents and Papers in the Name of the Company
Now that you have formed a corporation or LLC, you need to make all the signs, documents, and other vital decisions in the name of the company only. All the contracts and legal documents are to be signed in the company name. Only if it necessary go for individual signature
9. Get the Liability and Insurance Coverages
Creating an LLC or Corporation is a crucial step to minimize your personal liability and does not mean that it is a substitute for insurance. This is because your LLC rules won’t protect you for personal debts. Insurance comes in different forms, so talk to an insurance agent to know how to protect your business and yourself.
Conclusion
Creating an LLC or Corporation is crucial for any business, and you need to follow the above steps after the formation of LLC. The legal, licensing, and other issues can be overwhelming in the business, but you need to go forward to keep your business on track. Contact Bizlic to get all the things legally done after incorporating your business.
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