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5 Things Your Clients Should Do After Incorporating

Feb 21st 2018
concerned couple speaking to advisor

Whether they’re a brand new business or have created an official business entity after operating as a sole proprietor, incorporating in any form is a major step for your small business clients.

In fact, it is likely they are wondering “what now?” after filing their registration paperwork with the state. So how can you help them sort through that?

Here’s a checklist of tasks clients should tackle after their corporation or LLC is approved:

1. Obtain an Employer Identification Number (EIN) from the IRS

LLCs, corporations, and partnerships must have an EIN. Without an EIN for their company, they won’t be able to open a business bank account, file their business tax documents, or hire employees. Note that a business owner who got an EIN when operating as a sole proprietor will need to apply for a new federal ID number for the new business entity. EINs are not transferable.

2. Apply for Any Required Business Licenses and Permits

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Accountant, CPA
By borntoreconcile
Mar 5th 2018 03:52

6. Check with your tax professional to see if you should make an entity election, such as for an S-Corp on form 2553 or tax classification on form 8832. There is a time limit on the S- election, so don’t let it slip by.

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