• Fourteen Steps for a New LLC | Washington Wills, Estates and Trusts, Civil and General Litigation and Commercial and Business Transactions

    Fourteen Steps for a New LLC

    Fourteen Steps for a New LLC

    • Obtain an employer identification number from the IRS and open a bank account.
    • Determine how the LLC will be taxed. The IRS has a “Check the Box” procedure for declaring how an entity will be taxed.
    • Determine which assets and liabilities are to be turned over to the LLC.
    • Register with the local tax authority.
    • Establish a Worker’s Compensation account.
    • Obtain a business license, if required by the local jurisdiction.
    • Register with the local unemployment authority.
    • Create employment agreements with any employees.
    • Procure insurance for property and for individual liability of managers and owners.
    • Develop a strategy for developing accident and health insurance plans, wage continuation plans, medical reimbursement plans, group term life insurance plans, death benefit plans or pension and profit-sharing plans.
    • Learn when the LLC is required to file reports with the local jurisdiction.
    • Determine whether operations outside the LLC’s local jurisdiction will require registration in those jurisdictions.
    • Review the LLC’s operating agreement at least annually to ensure that it continues to serve the LLC’s needs.
    • Maintain open and regular communications with your accountant and lawyer.

    This is not an exhaustive list, but is a start to creating a business framework necessary for success…

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