What to Do After Forming an LLC: The 5-Step Checklist

Getting your Articles of Organization approved by the state is just the beginning. To actually run your business and protect your personal assets, you must complete the post-formation setup. Skip these steps, and your LLC is essentially useless.

Updated May 2026 • 7 min read

Quick Answer

Immediately after your LLC is approved, you must complete five critical steps in order: 1) Draft an Operating Agreement, 2) Get an EIN from the IRS, 3) File your BOI Report with FinCEN, 4) Open a business bank account, and 5) Obtain local business licenses.

Key Points for 2026

The 90-Day FinCEN Deadline: New LLCs must file a Beneficial Ownership Information (BOI) report within 90 days of formation.
The Corporate Veil: You must completely separate your personal and business finances to keep your liability protection intact.
State vs Local: State approval does not give you permission to operate locally. You may still need city or county permits.

The 5-Step Post-Formation Checklist

Step 1: Draft an Operating Agreement

An Operating Agreement is an internal document that outlines how your LLC will be run, who owns it, and how profits are distributed. Even if you are the only owner (Single-Member), you still need one to prove to banks and courts that the LLC is a legitimate business entity, not just an alter-ego.

Step 2: Get an EIN (Employer Identification Number)

An EIN is the business equivalent of a Social Security Number. You need it to open a bank account, hire employees, and file taxes. You can get an EIN for free on the IRS website in about 15 minutes.

Step 3: File the FinCEN BOI Report

Under the Corporate Transparency Act, almost all new LLCs must report the identities of their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). Do not skip this. The penalty for failing to file within 90 days is $591 per day. It is free to file on the FinCEN website.

Step 4: Open a Business Bank Account

Take your stamped Articles of Organization, your EIN, and your Operating Agreement to a bank to open a dedicated business checking account. From this day forward, all business income and expenses must flow through this account. Never mix personal and business money (commingling).

Step 5: Get Local Licenses and Permits

Your LLC gives you legal existence, but you still need local permission to operate. Depending on your industry and location, you may need:

A general city/county business license.
A state seller's permit (if you sell taxable goods).
Professional licenses (e.g., real estate, plumbing).

Calendar Your Annual Report

Most states require an Annual Report to keep your LLC active. The deadline varies wildly by state (e.g., May 1st in Florida, June 1st in Delaware, the anniversary month in Wyoming). Find out your state's deadline today and set a calendar reminder so you don't face late fees or dissolution.

What to Do Next

Check your EIN Requirements: Read Do I Need an EIN? to confirm you need one.
Prepare the Agreement: Learn more about Operating Agreements and how to draft them.

After Formation FAQs

Do I need to file anything with the IRS immediately?

No tax returns are due immediately, but you should apply for your EIN right away. You may also need to file your BOI Report with FinCEN within 90 days.

When is my first Annual Report due?

It depends on your state. Some states require an 'Initial Report' within 30-90 days. Most states require your first Annual Report in the calendar year following your formation year.

Can I start doing business before my bank account is open?

Technically yes, but it is highly discouraged. Commingling funds by accepting business payments into your personal account can destroy your LLC's liability protection.

How do I pay myself from the new LLC?

If you are a Single-Member LLC, you simply transfer money from the business bank account to your personal account. This is called an 'Owner's Draw.' You do not run standard W-2 payroll for yourself unless you elect S-Corp status.