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What Should I Do After Incorporating?

By IncNow | Published January 8, 2016
  • How much you should be paying to maintain your LLC and when
  • Do you need to register your company where it is transacting business?
  • Tips to keep your personal and business assets safe

To Do ListDear IncNow,

Thank you for sending the formation documents. We are updating the Operating Agreement and will sign it within a couple weeks. I will work on applying for an EIN next week. Any other advice on what to do after incorporating?

Dear Customer,

You’re welcome! The operating agreement is an internal company agreement. We do not need a copy, and the operating agreement does not get filed publicly with the State of Delaware.

Without knowing the specifics of your business, our general advice is:

  1. Keep up with the annual fees:
    • Due to Delaware – Annual Franchise Tax of $300 is due by June 1st every year for LLCs (the State of Delaware’s late penalty is harsh at $200 plus monthly accruing interest).
    • Due to your Registered Agent (IncNow) – Beginning the first full year after the entity is formed, $99 per year, due by January 1st each year.
  2. Comply with any state and local laws relevant to your business, which may include:
    • Business licensing
    • Qualification/Certification to do business in one or more states.
  3. Keep your business separate from your person to maximize the corporate shield.  For example:
    • Avoid commingling your personal finances with company finances.
    • Enter into contracts and other legally-binding deals under the company’s name, not your name.

We wish you the best of luck!

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When deciding where to form your company, consider that Delaware has advantages over your home state that may benefit you. Go