Congratulations on setting up your new LLC or Incorporation (Inc.)! Now that your business entity is officially active, it’s time to take a few crucial steps to ensure everything runs smoothly and efficiently.
These steps will help you establish a strong foundation, maintain compliance, and set your business up for success. Here are 6 essential steps to consider now that your LLC or Inc. entity is active:
- 1️⃣ Create articles and a bank resolution document for your new business checking account.
- 2️⃣ Set up a business checking account under the new entity, using its EIN number.
- 3️⃣ Complete an IRS W9 form with your new entity info. Give this to your customer(s) so they pay you using the EIN number and not your SSN number.
- 4️⃣ If you plan to purchase and resell materials/products, you’ll need to apply for a sales tax permit with your state (TX link here).
- 5️⃣ Be prepared for potential spam. What you get from the State of Texas is legit; read that. Anything else may be trying to convince you to spend money. Avoid those emails.
- 6️⃣ If you have a partner, we highly recommend contacting a business attorney and getting an Operating Agreement everyone agrees to with notarized signatures, so all partners are financially protected. We have witnessed too many partnership disputes over the last decade that all started in good spirits and ended in turmoil once the money started flowing in. (Full Disclosure: We receive no financial compensation for this legal referral)
How Can We Help with Your LLC, INC, and Business?
Once your operations are up and running, let us know. We offer ongoing monthly services customized to your needs, including accounting, payroll, W2 reasonable salary, 401K/IRA contribution planning, business and personal taxes, virtual controller services, budget and cash-flow forecasting, fractional CFO services, and unlimited CPA resources.
Our Basic 1-Owner CPA Monthly Services Agreement Includes:
- ✅ Helping set up and run payroll;
- ✅ An onboarding call to learn more about your goals;
- ✅ Assistance with contributing to and maximizing retirement savings;
- ✅ Conducting an S Corp Salary Test to determine your “reasonable” salary required by the IRS;
- ✅ Filing 1040 estimated tax payments;
- ✅ Business Tax Returns – IRS and State(s): 1120C, 1120S, and 1065;
- ✅ Personal Tax Returns – IRS 1040, and state(s) if applicable – including a Schedule A, B, C, D, and E (for rentals);
- ✅ Audit assistance protection with your personal tax filings;
- ✅ Ongoing CPA resource for any questions you have throughout the year.
Ready to Optimize Your Business Finances?
Based in Austin, TX, we serve businesses with year-round accounting, tax strategy, and wealth-building services. We create customized monthly packages to help grow your business and assist with individual taxes too.
Contact us today to learn how we can help you minimize taxes and maximize your business potential. Let’s make your financial goals a reality!