Starting your LLC is a huge step—congratulations! But let’s be real: the paperwork doesn’t stop once you’ve got that shiny new LLC certificate in hand. Setting yourself up for long-term success means taking a few important steps right out of the gate. Here are three essential to-dos to tackle after you form your LLC.
1. File Your Business Ownership Information (BOI) Report with FinCEN
Did you know that most LLCs are now required to report their beneficial ownership information (BOI)? Thanks to the Corporate Transparency Act (CTA), nearly all newly formed LLCs need to file this report with FinCEN (the Financial Crimes Enforcement Network, a branch of the U.S. Treasury).
The BOI Report includes details about who owns or controls the business. If your LLC is brand new, you’ll need to file this report within 90 days of receiving your formation paperwork. You can file your BOI Report directly with FinCEN here or, if you want a little more guidance and peace of mind, IncEasy has partnered with FileForms for a more personalized and smooth filing experience.
You can learn more about the Corporate Transparency Act (CTA) and the requirements regarding LLC ownership reporting on FinCEN’s FAQ page here.
Either way, this step is one of the most important things to do after you form your LLC. It isn’t optional, so don’t skip it!
2. Get Organized: Store Your Important Documents Safely
Your Articles of Formation (also called Certificate of Formation or Articles of Organization, depending on your state) is essentially your LLC’s birth certificate. It’s proof that your business exists, and you’ll need it for lots of things, like opening a bank account or signing certain contracts. Hop over to our blog post – Key Terms to Know About Your LLC – to learn more about this critical document.
If you formed your LLC online, this document is probably in digital format. Decide where you’re going to store it—think secure cloud storage or a dedicated folder on Google Drive or Microsoft OneDrive. Want extra peace of mind? Print a copy and keep it in a safe spot alongside other important documents.
3. Separate Your Finances and Start Tracking Business Expenses
If there’s one thing you take away from this list, let it be this: keep your personal and business finances separate. Open a business bank account as soon as possible (you’ll need your Articles of Formation for this). Once that’s done, start tracking your income and expenses right away.
Whether you go old-school with spreadsheets or use tools like QuickBooks or FreshBooks, staying on top of your business finances is non-negotiable. This isn’t just about being organized—it’s about protecting your personal assets. Keeping things separate reinforces your LLC’s limited liability status, which is a huge part of why you formed it in the first place.
Final Notes
These three steps—filing your BOI Report, organizing your documents, and separating your finances—are essential to laying a strong foundation for your LLC. They’ll keep you compliant, protect your personal assets, and set the stage for smooth operations as your business grows.
Getting your LLC up and running is exciting, but staying proactive is the key to long-term success. You’ve got this!