Forming a Limited Liability Company (LLC) establishes the legal foundation of your business and helps protect your personal assets, but it’s only the beginning of your entrepreneurial journey.

From here, it’s important to take steps to set up your business finances, as well as ensure you’re meeting regulatory requirements and obtaining any permits you need to operate. 

Here, we’ll share 10 steps to follow after forming your LLC — and the moves you can make today to set your business up for success.

Forming an LLC defines the legal entity for your business, but you’ll still need to obtain the required business licenses and permits to operate in a compliant manner. Your next step is to apply for a business license, which grants you the legal right to operate.

The permits you need may differ depending on where your business operates. Visit the U.S. Small Business Administration to determine which permits you need and begin the application process. 

In addition to a business license, most states require businesses to obtain a seller’s permit to do business in that state. To secure a permit, you’ll need to contact your state’s Department of Revenue, or the local agency that manages taxes.

Depending on the nature of your business, you may need to obtain seller’s permits in multiple states. For example, you may need to obtain seller’s permits in any state where your business has a physical presence, or if you reach certain thresholds for sales in specific states.

Talk to a lawyer specializing in business law to ensure you’ve obtained the necessary seller’s permits.

An EIN functions as the business counterpart to a Social Security number. It’s a nine-digit number that serves as a unique identifier for your business. You’ll need your EIN to file state and federal taxes, to open business bank accounts as well as to hire employees.

It’s easy to apply for an EIN online via the Internal Revenue Service (IRS). Click here to learn how.

While every entrepreneur benefits from separating their personal and business bank accounts, dedicated accounts are critical after you form an LLC. Setting up dedicated accounts allows you to clearly demarcate your personal and business assets. And it’s also pivotal to start operating your business.

As a baseline, your LLC needs a checking account to receive your revenue, as well as allow you — or your employees — to make purchases using the business’s debit card. However, you’ll also benefit from a dedicated savings account for your business’s emergency fund.

Not sure which accounts to open? Stop by your local BankUnited branch — our branch associates are here to walk you through your options and help you find the right fit.

A commercial card program is invaluable to any business. It not only allows you to make purchases using credit, giving you more control over the cash flow in your business, but some commercial cards also allow you to earn rewards — such as points, cash back or travel rewards — from your purchases.

Commercial card programs offer operational benefits, too. Businesses can issue digital or physical cards to employees, each with their own spending limits and controls. This can streamline the expense process, since employees can make purchases on the business card rather than via their personal accounts, while controls on the card help encourage compliant spend.

Now is the ideal time to consider which other forms of credit your business may need. Review your plans over the next year: Do you plan to expand the business? Will you be moving into a larger space or investing in specialized equipment? Do you simply want an added source of capital to help buffer your cash flow?

The answers can help you determine whether a business loan or line of credit may benefit your business. Speaking to your banking relationship manager can help you understand your options and help you access the capital you need.

While an LLC business structure helps shield your personal assets from liability for business losses, your business needs its own layer of protection. The type — and amount of coverage you need — depends on the nature of your business, as well as your personal preferences. Consider speaking to an insurance professional about general liability coverage, which can help provide coverage in the event of injuries, accidents or negligence claims, and other types of insurance that could benefit your business.

With your bank accounts and business credit accounts established, it’s crucial to establish accounting and bookkeeping systems to help you stay on top of your business finances.

Putting these systems in place ensures you maintain comprehensive records of revenue and expenses, keeping your documentation accurate and audit-ready. These systems also give you insights into the financial performance of your business, so you’re better equipped to anticipate challenges that may arise and make data-driven decisions.

No one likes a surprise at tax time — and having systems in place to anticipate your tax obligations is key to feeling confident in your business finances.

Work with a business tax professional to project how much tax you’re likely to owe quarterly, then establish systems to set aside money for taxes throughout the year. You may opt to open a business savings account specifically for tax savings, for example, and contribute the appropriate portion of your revenue on a weekly or monthly basis so you’re prepared for each payment.

Finally, complement your accounting and tax systems with a plan for ongoing financial strategy. Checking in monthly, quarterly and annually allows you to track short- and long-term trends in your business, helping you anticipate what may be coming next — and what you can do to keep your business on track.

These check-ins also give you an opportunity to reflect on your business’ financial needs, such as whether you have the capital you need to execute on next year’s plan. These higher-level strategy sessions also help you identify untapped opportunities for your business — and create financial plans to pursue them accordingly.

Whether you’re opening your first account or planning for growth in the year ahead, our business banking specialists are ready to help you move your vision forward. Visit a BankUnited branch near you to discuss your goals and explore how we can support your success.