In this week's Freedom Friday blog and e-mail newsletter, I want to answer a commonly asked question about limited liability companies (LLCs), and that is, “I got my LLC, now what?” In Oklahoma, the first step to forming an LLC is conducting a name search, and then forming the LLC by filling out the Articles of Organization form with the Secretary of State. Once that is completed, many small business owners ask what's the next step in starting their small business. Here are three steps you should take after you form your LLC in Oklahoma:
1. Create an Operating Agreement for Your LLC
The first step after you form your LLC is to create an operating agreement for your LLC. Every LLC needs an operating agreement, regardless of whether it's a single-member LLC, or a multi-member LLC. An operating agreement is an internal document which is NOT filed with the Secretary of State, but it is essential for your small business to succeed. The purpose of an operating agreement is that it is the “bible” for your small business; the contents of the operating agreement will assist you in the daily operations and management of your small business, even if you are a single-member LLC.
2. Apply for an EIN
The second step after you form your LLC is to apply for an EIN. If you plan to open a business bank account for your LLC, your bank will require your LLC to have a federal Employment Identification Number (EIN). This is essentially the same as a social security number for your business. The Internal Revenue Service (IRS) will require you to fill out form SS-4, which can be done online, and will provide you with an EIN letter giving you the EIN that your bank will require.
3. Open a Business Bank Account
The third step after you form your LLC is to open a business bank account (at least one). It is important to separate your small business's assets from your personal assets. Opening a business bank account is the first step to maintaining business formalities and keeping your business assets separate from your personal assets.
If you have questions like, “I got my LLC, now what?” it might be helpful for you as a small business owner to be able to call or e-mail an attorney and get your questions answered. However, many small business owners do not want to contact a lawyer because they are afraid of what it will cost. If you're a small business owner who has legal questions about your small business, we have a program geared towards you, which can help you get your questions answered. This month at Liberty Legal Solutions, LLC, we are introducing the “Circle of Liberty” monthly membership program for small business owners who have questions not only about their LLCs (or whatever business entity they need for their small business), but for all sorts of legal issues regarding their small business.
As a member of the “Circle of Liberty,” you will get the following benefits:
- Unlimited scheduled phone calls using Calendly
- Unlimited access via email
- Complimentary contract review
- Private Facebook group for small business owners, including regularly scheduled support calls
The cost to join the “Circle of Liberty” membership program is only $97/month, and there is no commitment and no contract, so you can stop at any time. If you're interested in joining the “Circle of Liberty,” send me an e-mail at [email protected], and we'll get you started.
Also, if you're interested in scheduling a FREE strategy session for your small business, please e-mail me at [email protected]
For more information about Liberty Legal Solutions, LLC, please visit our website at http://www.libertylegalok.com