Are you a new startup owner? This is the best step that you could possibly take! Having your own business and being able to become successful is very exciting. However, there are certain tips that can be quite useful before starting your LLC.
TRUiC can help you with every little detail of the construction of your business providing tools, from marketing plans and advice, and professional assistance depending on special needs of your LLC.
Here is a list of some handy tips for you:
1. The Name
Most of the time, the key to success is the business’s name. If it’s an unusual one, then your clients will definitely remember it, especially if it’s a smart one. Remember: you have to have a clear plan of what your LLC’s identity will be and the service that you will provide. The rest is all a matter of bureaucracy, depending on the State where you have decided to operate your business.
Before you move on, make sure you have checked if this name is already being used.
Another useful tip is the URL of your LLC. If you want to have more professional value, then a website is necessary. Also, don’t forget to create an email.
2. Registered Agent
When you run a business it is crucial that you have a helping hand. Well, it is possible that you can handle things on your own. However, it helps to have a second opinion. This person will need to take care of important legal documents, like tax forms, on behalf of your LLC. Also, the person should be a registered agent of the state because they will know the regulations that are unique to the state where the business operates.
3. Articles of Organization
In order to officially form your LLC you will have to file your Articles of Organization with the state of Ohio. If you wish, you can also complete this step on your own. Again, we provide you with extra help with an LLC formation service. This service will take care of this and will make sure you file everything properly.
4. LLC Operating Agreement
A business should have a steady base of understanding right from the beginning. In order to achieve that you should define the roles of each and every one of your members or employees and lock down your LLC’s management and ownership structure. If this document is in place it will also give you something to return to if a dispute or lawsuit arises.
5. Employer Identity Number
The Employer Identification Number (EIN) can also be seen as Federal Employer Identification Number (FEIN), or Federal Tax Identification Number (FTIN). It is absolutely necessary for your company. It is your Social Security number (SSN) for your company and State and federal agencies use it in order to track your business activity. You, as a business, can use it when you want to:
- Open a business bank account and have a credit card.
- File federal and State taxes.
- Hire employees for your business.
As a business owner, you will need to manage lots of issues and possible risks. As such, the best thing is to have your own insurance, especially if you intend to grow your LLC. The right type of insurance can protect your LLC from liability even if there is a risk of loss.
Here are the two most common types of business insurance:
- General Liability Insurance: This protects your business from lawsuits. It is ideal for small businesses.
- Professional Liability Insurance: This is for professional service providers e.g. consultants, accountants, etc. It can cover claims of malpractice or any other business error.
What is the right type for you? You can find out by visiting free services that quickly assess your business’s insurance needs.
7. Licenses and Permits
A business consists of both happy moments but also risks and anxiety. In order to stay compliant with permits, licenses, taxes, or state filings you will need to take everything into consideration. You definitely don’t want to mess with the law. Check the necessary licenses and permits for your business with professional services that will do it for you or on your own.
A growing business is the one that has great control over finances. So, it is vital that you get your books in order. In this way you will be able to track your business finances, your bills, expenses, and of course your income. Last but not least, you will need to file your annual taxes. There is software in the market that can help you, but there are numerous risks so we advise hiring a professional accounting service. For small businesses, it is a great idea to have free tax consultations from a trustworthy accounting service so as to be sure what mistakes to avoid.
If your LLC has employees, you will have to pay them in time. If you feel like you can’t keep up with the dates, have an employee payroll service that will also save you from having to become an expert on state compliance or employee tax withholdings or filings.
Too much to worry about? Then forget all the above and trust an LLC formation service that can take care of everything for you.
Setting up an LLC is a great experience. You will be able to push yourself to do the best and create a successful business, and the procedure is quite simple. There are just a few steps and careful planning involved. TRUiC is here to help in accordance with your business’ unique needs. Read more by visiting their website.