Some business owners believe that once their LLC is formed, they don’t need to do anything else. In many circumstances, forming an LLC is only the first step in ensuring that your company follows all applicable rules and regulations. Even after incorporating your LLC, you will most likely need to address the following issues:
Licenses and Permits
Depending on the nature of your business and where you live, you may require business licenses from the state, county, or town. Zoning permits, health department permits, professional licenses, a general business operation license, and house occupation permits are all examples. Most licenses are affordable, so securing one ahead of time will save you money and ensure that your firm is legitimate.
A Seller’s Permit
A seller’s permit is needed in many states (or a similar name). For sole proprietors, LLCs, partnerships, and corporations selling taxable products and services, this permit is required.
Employer Identification Number (EIN)
The IRS uses an EIN, commonly known as a federal tax ID number, to identify and track your business’s transactions. Consider an EIN to be a company’s version of a social security number. If you want to hire people, you’ll need an EIN. Even if you don’t have any employees, having an EIN is a good idea. This is because you can give your EIN to clients and vendors instead of your real social security number.
Business Bank Account
You can open a business bank account under your LLC once it has been formed. You’ll be able to accept checks made out to your company name as a result of this. Furthermore, owners of corporations and LLCs are required by law to keep their personal and corporate finances separate, thus having a separate business bank account is essential.
Alvarez & Diaz-Silveira LLP is a corporate law firm in Miami, focusing on international and domestic M&A, finance, real estate and corporate immigration. If you or your business needs legal advice, contact an M&A Attorney in Miami for help.