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