5 Things to Do After Registering a Business
Last Updated: By TRUiC Team
Registering your new venture is the first step toward operating a business. But, you still need to take several additional steps before you officially start your business operations like registering for taxes and obtaining business licenses.
Outlined below are the steps you must complete after registering your business to ensure you stay compliant and launch your new venture successfully.
Steps After Registering a Business
If you already registered your business, this guide will help you ensure you’ve met all the necessary state and federal requirements to keep it compliant.
1. Obtain an EIN
An Employer Identification Number (EIN) is similar to a Social Security number (SSN), but for a business. The Internal Revenue Service (IRS) issues this nine-digit number in order to identify and track your business for tax purposes.
All businesses need an EIN to do the following:
- Open a business bank account
- Hire employees
- Pay taxes
Fortunately, you can easily obtain your EIN online for free through the IRS website. Or, check out our How to Get an EIN guide.
2. Secure Necessary Licenses and Permits
To do business in most states, you must obtain a general business license. You also may need some additional licenses and permits, depending on your industry and the state in which your business operates.
The US Small Business Administration (SBA) Licenses and Permits page makes it easy to determine the licenses and permits required for your business at the state and federal levels. Simply choose your state, then go through the steps the site outlines, use the resources, and you'll have your paperwork sent off in no time.
Or, you can use a professional business license service to get your business registered for all the required licenses and permits.
3. Register for Taxes
One of the most important steps you can take to ensure your business complies with state and federal laws is to register for all necessary taxes. While every state has different tax registration requirements, some of the most common taxes you can anticipate registering for include sales tax, franchise tax, and payroll taxes.
We recommend you hire a tax professional or accountant to help you manage your business taxes and ensure you stay compliant with evolving government regulations.
4. Open a Business Bank Account
Next, you need to open a bank account for your business in order to keep your personal and business assets separate. This’ll protect you from personal liability.
Several financial institutions offer business bank accounts to entrepreneurs. We recommend Mercury for startups because it gives entrepreneurs access to a business bank account as well as a myriad of financial management tools in minutes.
5. Get Business Insurance
Every business should consider getting business insurance to protect the company from liability. A few of the most common types of insurance policies businesses should obtain include:
- General liability insurance
- Workers’ compensation insurance
- Commercial property insurance
Insure Your Business Today: We recommend Next Insurance for fast, affordable coverage for your business.
Final Thoughts
Even with your final business registration documents in the mail, you still have to complete some maintenance requirements for your business. These steps are the first actions you must take in order to set your new venture up for success. Then, you need to familiarize yourself with any state reporting requirements like an annual report or annual business registration fee.
Requirements for businesses vary by state and business structure. Therefore, it’s important to diligently keep up to date on the requirements necessary for your business’s compliance.
