{3 minutes to read}  Have you just registered an entity, whether it's an LLC or a corporation, with your state Secretary of State? And are you wondering what you should do next? I'm Katherine Taylor, the lawyer for business owners and in this video, I will explain several things that you must do within a very short period of time once you register an entity with your state. First, acquire a FEIN or EIN, a Federal Employer ID number. You can obtain that number online at the IRS website. Most people can get these numbers issued immediately online. You will need a lot of information for that application, but if you have the information when you go to the website, you should be able to get the FEIN and the SS-4 letter issued by the IRS immediately. Second, once you get that FEIN, go to a bank or go online and find a bank and open a business bank account. It is crucial because you have to show that the funds for your business are separate from your personal funds. You cannot commingle your business and your personal accounts, because that could ultimately cause you to lose the limited liability status that you gain when you register the entity. When you go to the bank, you need your federal employer ID number — that's why that is the first thing you must do. You're also going to need — and many times it depends on the bank — some document from the state showing that the entity was registered. You may need your Articles of Incorporation or Organization, and some banks may require an Operating Agreement for an LLC or the bylaws for a corporation. So, it is wise to call before you go and find out what documents you need, go to the bank, and open a business bank account. Next, go to your state business website and determine what tax accounts you need to open. For instance, if you sell products, you will need a sales tax account.

Also, determine what licenses you will need that would be issued by the state. Those licenses may run the gamut from a trader's license to a professional license, home improvement license, retail, construction, etc. Only the state website and the state can let you know which licenses are necessary for your particular jurisdiction. And many times, it's based on a local jurisdiction. So, visit both your state and your local jurisdiction websites. 

So, those are the things that you must do when you first form an entity. If you have any other questions, please call us. We are your lawyers for business owners. You can find our contact information below. Thank you.