Starting a Business in Illinois? 7 Things to Do After Forming Your LLC
Forming your LLC is a big step, but receiving your approval is only the beginning. Once your Illinois LLC is established, there are several things you should take care of to keep your business organized and ready to operate.
1. Get Your EIN
An Employer Identification Number (EIN) is issued by the IRS and is commonly used for business banking, federal tax purposes, hiring employees, and other business activities. You can obtain an EIN directly from the IRS at no cost.
2. Open a Business Bank Account
Keeping your business finances separate from your personal finances makes bookkeeping easier and helps you maintain clear financial records. Your bank may request your formation documents, EIN, and other information when opening the account.
3. Create an Operating Agreement
An operating agreement explains how your LLC will be managed. It can address ownership, responsibilities, decision-making, distributions, and what happens when the business changes. Even small businesses benefit from having expectations documented.
4. Set Up Your Bookkeeping
Don't wait until tax season to organize your finances. Start tracking business income and expenses from the beginning and keep receipts and supporting records. Good bookkeeping makes it much easier to understand how your business is performing.
5. Check Your License and Registration Requirements
Depending on what your business does and where it operates, you may need state, local, or professional licenses and registrations. Requirements can vary by industry and location.
6. Review Your Business Insurance Needs
An LLC does not eliminate every business risk. Depending on your services, you may want to explore coverage such as general liability, professional liability, commercial property, or other business insurance.
7. Remember Your Illinois Annual Report
Forming your LLC isn't a one-time responsibility. Illinois LLCs generally have an annual report requirement, so keep track of your filing deadline and other ongoing state obligations.
Building the Business Is the Next Step
Starting the LLC gives your business a legal structure. Building good systems afterward is what helps you stay organized and prepared as the business grows.
Omari Wellness & Insurance Services LLC provides support for individuals and small-business owners who may need help understanding the steps involved in starting and organizing their business.
Need help getting your business organized?
Omari Wellness & Insurance Services can help you understand your next steps.