Starting your own business is a bold and exciting move. If you’ve just formed your LLC in North Carolina, congratulations! You’ve already taken a critical step toward securing your future and gaining control over your professional path. But now you’re likely asking, “What’s next?” At The Law Offices of Delton Barnes, we help entrepreneurs like you turn that initial formation into a well-structured, legally protected business that can grow with confidence. Here’s what you need to know after your LLC is officially formed.
Get Your Operating Agreement in Order
Even though North Carolina does not legally require LLCs to have an operating agreement, we strongly recommend putting one in place, especially if you have business partners. Think of your operating agreement as the foundation for how your business will function. It outlines the responsibilities of members, the rules for making decisions, how profits and losses are distributed, and what happens if someone wants to leave the business.
Without a written agreement, your LLC is subject to default state laws, which may not align with how you want to run your company. Having this document prepared by an experienced attorney ensures clarity, reduces the risk of internal disputes, and provides structure as your business evolves.
Apply for an EIN from the IRS
An Employer Identification Number (EIN) is like a Social Security number for your business. You’ll need one to open a business bank account, hire employees, and file taxes. Even if you’re a single-member LLC with no employees, having an EIN can help separate your personal and business finances, which is crucial for maintaining liability protection. You can apply for an EIN directly through the IRS website, or we can assist you as part of a comprehensive business startup package.
Set Up a Business Bank Account
Once you have your EIN, it’s time to open a dedicated business bank account. This is a key step in maintaining the legal separation between your business and personal affairs. Co-mingling funds can weaken your liability shield and create confusion during tax time or in the event of legal action. A business bank account also makes it easier to track expenses, accept payments, and project professionalism with your clients.
Make sure any income from the LLC goes into this account and that expenses for the business are paid from it. Keeping things clean and separate is not just best practice, it’s a critical legal safeguard.
Stay on Top of State Requirements
Forming your LLC is not a one-and-done process. North Carolina requires LLCs to file an Annual Report with the Secretary of State. This report confirms your business’s contact information, registered agent, and other basic details. It’s due each year by April 15th, and if you miss it, your LLC could fall out of good standing or even be administratively dissolved.
You’ll also need to keep your registered agent information up to date and notify the state if you change your business name, address, or ownership structure. A law office like ours can serve as your registered agent and handle these updates to ensure you remain compliant.
Understand Your Tax Responsibilities
Your LLC’s tax obligations depend on its structure and how it’s classified with the IRS. A single-member LLC is typically taxed as a sole proprietorship, while a multi-member LLC is taxed as a partnership. However, LLCs can also elect to be taxed as an S Corporation or C Corporation, which may offer advantages depending on your income, industry, and long-term goals.
Federal and state income taxes, self-employment taxes, sales tax, and payroll taxes (if you have employees) all need to be considered. This is an area where guessing can get expensive, it’s worth having a tax attorney or advisor on your side to help you develop a plan and avoid surprises.
Consider Additional Licenses and Permits
Forming an LLC gives you a legal structure, but it doesn’t necessarily grant you the right to operate in your specific industry. Depending on your business type and location, you may need local business licenses, professional licenses, or industry-specific permits. For example, if you’re running a food truck, providing childcare, or working in certain trades, there are likely additional steps to meet regulatory standards.
If you’re unsure which licenses apply to your business, our office can help you research and obtain the right permits to stay on the right side of the law from day one.
Don’t Forget Legal Protections
As your business grows, so do the legal risks. Contracts, employment agreements, client service terms, and intellectual property protections are not optional, they’re essential. Too often, small business owners wait until a problem arises before seeking legal help. By then, it’s usually more expensive and stressful than if they’d consulted an attorney early on.
Whether it’s drafting strong service agreements or reviewing vendor contracts, we help our clients avoid disputes before they happen. It’s all about proactive protection and peace of mind.
Ready for Growth: Let’s Build It the Right Way
You’ve taken the first big leap by forming your LLC, now it’s time to strengthen your foundation. From drafting your operating agreement to navigating tax obligations, The Law Offices of Delton Barnes is here to provide the trusted legal guidance your business deserves.
You don’t need to figure everything out on your own, and you shouldn’t have to. Let us help you create a roadmap that keeps your business legally secure, financially sound, and positioned for long-term success.
From LLC to Legacy
Starting a business is a courageous decision, but maintaining and growing it takes clarity, consistency, and trusted support. At The Law Offices of Delton Barnes, we pride ourselves on being more than just legal advisors, we’re long-term partners in your success. If you’re ready to make sure your LLC is protected and positioned for growth, reach out to us today. We’ll help you take the next step with confidence.
Your Trusted Legal Partner
The Law Offices of Delton W. Barnes proudly serves the Cleveland, Gaston, and Lincoln Counties in North Carolina. Our team will empower you with expert legal counsel and unwavering support. Whether it’s a business dispute, personal injury, landlord-tenant disputes, or another conflict, our dedicated team is here to guide you through every step.
Call, 704-406-9416 and contact us today to schedule a consultation with one of our experienced attorneys.