In today's Freedom Friday blog and email newsletter, I want to talk about something that doesn't come up enough.  This is especially true when I deal with clients, maybe a single-member LLC owner, or even a multi-member LLC owner if it's just two members.  In these cases, someone formed an LLC with the State of Oklahoma, paid the $100.00 filing fee, but never did anything else, especially the things that should have been done.  So, in today's Freedom Friday blog and email newsletter, I'm answering the question, “What are my next steps after forming an LLC?”

The first step you should take after forming an LLC is to draft your operating agreement.  This document will serve as a blueprint on how you will run your company.  It is an internal document (not filed with the State of Oklahoma) which will detail the management structure of the LLC, the responsibilities of the members and manager, how to resolve disputes, and much more. 

The second step you should take after forming an LLC is obtaining an Employee Identification Number (EIN) from the IRS.  This is your LLC's formal tax identification number which will be used for banking purposes, and for tax purposes with the IRS.  You can apply for an EIN through the IRS' website, and there is no cost to get one.  The application process does not take long, and you can have an EIN issued to your LLC instantly within five (5) minutes of starting the application process.

There are several other steps you should take after forming an LLC for your business.  Some of these additional steps include setting up a business bank account, getting business insurance including workers' compensation, if applicable, and maintaining LLC compliance to make sure your LLC stays in good standing.  The State of Oklahoma requires every LLC to pay $25.00 for an Annual Certificate of good standing.

Thinking about starting a small business?  Or maybe your small business is having issues with contracts, leases, business partners, collection issues, or experiencing other barriers to growth?  Please contact me at [email protected] to schedule a FREE strategy session.

For more information about Liberty Legal Solutions, LLC, please visit our website at http://www.libertylegalok.com/