After forming an LLC, it is important to take the necessary steps and follow up with important legal and business tactics. There are many steps to take, with the formation of your LLC being the first. You must ensure your business complies with local and federal law. Work with a corporate law firm in Miami to help you ensure you remain in compliance.
Obtain the necessary licenses and permits to continue operations. Some business sectors may require licenses. Common licenses include food and alcohol distribution, zoning permits, general business operation license, and in some cases, health department permits.
Obtain your Employer Identification Number (EIN). This will be used as your federal tax ID number, which will allow you to file taxes and provide tax documents to employees where needed. EINs are not always needed (in the case that you do not have any employees), however, if you plan on employing anyone both now and in the future, you will need one.
Open a separate bank account solely for business purposes. The name on the account should reflect the name of the registered LLC. This provides you with asset protection benefits. If you have questions regarding the legality of financial accounts and your LLC, contact an M&A attorney in Miami.
Obtain insurance. You may need general liability or commercial insurance coverage. This is crucial since accidents may happen at any time to anyone. You want to be covered and protected legally. Proper insurance will protect both you and your employees.
Keep up with LLC requirements. You will need to file either an annual or bi-annual document to maintain LLC status. In Florida, businesses must register annually, filing between January 1 and May 1.
Maintain the requirements and best practices of your LLC to ensure a smooth, efficient, and successful business practice. If you have additional questions or are seeking legal counseling regarding your business, contact Alvarez & Diaz-Silveira, LLP.