Recently started a new business? Not sure where and what to start with? Not aware of the formalities after incorporation of a company? Usually, new business owners have many questions and unsureness after incorporating their business. If you are one of those new business owners who have just formed a business and find yourself asking what’s next. We have prepared a post incorporation checklist, have a look at these top 6 steps after incorporating your business:
1. Set Business Goals and Track Progress:
One of the most important post-incorporation requirements of a new company is establishing your business goals for yourself and your team to grow your business without any hindrance. Indulge everyone in completing the short-term goals first, fulfill the targets and then move towards the long-term goals. It is also necessary to track your business progress to reach your desired goals.
2. Know What Is Required to Stay Compliant:
When you start a new business, one of your goals is to protect your personal assets and limit your personal liability. However, if you fail to keep the business in good standing, you might lose the liability protection. Always make sure you understand what is required to keep your business compliant each year. This requires the filing of the business federal and state taxes, proper filing of the annual report with your state each year, holding a regular annual shareholder’s meeting and keeping your personal and business finances separate.
3. Get Business Insurance Coverage:
With questions like what to do after company registration? And what are the formalities after incorporation of a company? Etc., new business owners are usually bewildered while making any decisions initially for their business.6 Steps to Take After Incorporating Your Business Click To Tweet
For a hassle-free business and to avoid the unforeseen events as well as interrupting growth, business owners must opt for insurance. Besides keeping you in compliance, insurance gives you the required peace of mind. A professional agent can assist you in finding the best policies for:
- General liability
- Professional liability
- Worker’s compensation
By establishing these policies, you will have the required peace of mind as a business owner. From lawsuits, to natural disasters and unhappy customers, your business will be fully prepared to bounce back without losing momentum.
4. Open a Business Bank Account:
It is essential to operate a separate business account so that all your business transactions are kept aside from your personal transactions. This not only rationalizes your tax reporting and business accounting, but also maintains the “corporate veil” that depreciates your personal liability. For creating a new bank account, you may require organizational documents, business’ formation documents and the EIN (Employer Identification Number). You can always consult your agent; he can assist you in opening the bank account.
5. Complete Your Organizational Documents:
After filing your formation paperwork and creating your bank account, one of the important steps in the post incorporation checklist is creating and executing your bylaws or Operating Agreement concerning your business structure. These documents are essential for defining the company’s internal governing rules such as when and how to hold meetings, how to issue stock, which votes are necessary to take a particular action, the officers and their duties for corporations, how membership interests can be transferred, how profits and losses are evaluated and distributed and much more.
6. Marketing Your Business:
It is vital to market and promote your business after incorporating it, here are a few ways to do it:
- Create a website: It is a must these days. If you’re providing business online, you can reach a wide audience with the help of your website.
- Social media: It is a great way to promote your products and services. Setting up accounts with Facebook, Instagram, Twitter, Google + can ideally help you promote your business.
- Business cards: They include all your contact details that your potential customers may need. Hence, your customers can directly contact you for any service they need.
Hence, Awareness of your business requirements, focus and dedication will help your business grow and have longevity. Rest, these Steps to Take After Incorporating Your Business, will definitely boost your confidence and assist you in taking your business to new heights.