The highest-leverage work often happens immediately after formation: obtain the right tax identification, open separate financial accounts, set up books, confirm licenses, document contributions, and decide how agreements will be approved and stored.
Questions to resolve
- Does the LLC need an EIN?
- Where will money and records live?
- Which licenses apply to the activity and location?
- Who approves contracts and spending?
Build this chapter
Get an EIN when needed
Form the entity with the state first, then use the official IRS application. The IRS does not charge for an EIN.
Separate the money
Open a business account and route business income and expenses through it. Record owner contributions, reimbursements, draws, and distributions distinctly.
Establish the books
Choose an accounting method and a repeatable way to capture receipts, invoices, deposits, assets, obligations, and owner transactions.
Map licenses and insurance
Check federal, state, county, city, professional, and activity-specific rules, then match insurance review to the risks the business actually has.
Keep the evidence
A company record is useful when it lets a future owner, accountant, attorney, lender, insurer, or buyer understand what happened and why.
- EIN confirmation
- Bank opening documents
- Chart of accounts
- License register
- Insurance policies
- Contract approval policy
Guides for this stage
The first 30 days after forming an LLC
A setup sequence for tax identity, banking, books, licenses, insurance, and records.
Set upSeparate business and personal money
A clean system for accounts, contributions, expenses, reimbursements, and distributions.
References for this chapter
Internal Revenue ServiceGet an employer identification numberInternal Revenue ServicePublication 583: Starting a Business and Keeping RecordsU.S. Small Business AdministrationApply for licenses and permitsU.S. Small Business AdministrationGet business insuranceUse these official sources to verify the current requirements after you understand the step. They open in a new tab so your place in the field guide stays available.