Forming an LLC is one step. What you do next decides whether your business stays protected, compliant, and financially healthy.
Many owners think approval means they are done. However, they skip setting up a business bank account, forget licenses, or ignore tax registrations. This results in facing stress, penalties, or messy finances later. This is why most business owners consider the guidance of online LLC formation services such as Swyft Filings LLC from the very start to ensure a smooth process. These services help the owners like you to understand what to do after forming an LLC. ZenBusiness covers this end to end — it forms your LLC for $0 plus state fees and then handles the steps that follow, from registered agent service to compliance reminders that keep you in good standing after approval.
Here we will dive into key steps to act upon after forming an LLC in 2026. Let’s dive in.
1. Federal BOI Reporting Update
On March 21, 2025, FinCEN issued an Interim Final Rule. This new rule eliminates the requirement for most U.S. businesses to report Beneficial Ownership Information (BOI).
Who is exempt: Any entity created within the United States that is owned by a U.S.
No filing necessary: You do not need to submit any ownership info to the federal government if you formed your LLC in 2025 or 2026 and you are a U.S. citizen/resident.
Relief: If you filed a BOI report before this rule took effect, you no longer need to provide updates or corrections if your info changes.
Who still needs to file: Foreign entities, Non-U.S. beneficial owners.
2. Immediate Legal Steps
Obtain an EIN
Do not apply for an EIN until you have received your approval Articles of Organization (or Certificate of Formation) from your SOS. If the state rejects your LLC name or requires an amendment, your EIN will be tied to a non-existent or incorrect legal entity. You can’t tweak the name of your EIN if your business name gets rejected. You will have to cancel the old one and start over with a new application.
How To Apply
Where: Use the official IRS.gov EIN Assistant
When: The online system is only available Monday to Friday, 7:00 a.m. to 10.00 pm.
The Process:
Select “Limited Liability Company.”
Enter the state of formation and the number of members (1 or single member, 2+ for multi-member).
You must name one individual who controls the LLC. This person must have a valid SSN or ITIN.
Select “Started a new business.”
Use the LLC’s physical address (no P.O.boxes).
You will receive your EIN instantly as a PDF download (Form CP 575).
What You Need To Have Ready
Legal name
Formation date
Responsible party info (SSN/ITIN, and mailing address)
Tax treatment: Know if you plan to be taxed as a “Disregarded Entity” or a “Partnership.”
Draft an Operating Agreement
An Operating Agreement is the internal rulebook for how your LLC runs. This document is important because:
Prevents disputes between members
Protects personal liability status
Shows professionalism to banks and investors
Overrides default state laws
Various states consider this agreement as legally required. Examples are:
California
Delaware
Maine
Missouri
New York: Must adopt a written agreement within 90 days
What It Should Include?
Ownership percentages
Roles and responsibilities
How profits/losses are shared
Voting rules
How decisions are made
What happens if a member leaves
How disputes are handled
Dissolution process
| NOTE: A single-member LLC needs an operating agreement to prove your LLC is a real, separate business. |
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Elect S Corp Status (Optional)
The IRS treats you as “self-employed.” You pay a 15.3% Self Employment Tax on every dollar of profit you earn. When you elect S Corp status, you split your income into two buckets:
Reasonable Salary: You pay yourself a W-2 wage. This is subject to the 15.3% tax (Social Security and Medicare).
Distributions: The remaining profit is paid to you as a shareholder. This bucket is exempt from the 15.3% tax.
Critical Deadlines for 2026
The IRS is strict about the window for filing Form 2553.
For new LLCs: you have 75 days from the date of your state formation to file the election to be taxed as an S Corp for your first year.
For existing LLCs: The deadline for those who have formed an LLC in 2025 and want to switch for the 2026 tax year: March 16, 2026.
Late election relief: You can file under Rev. Proc. 2013-30 if you have missed the deadline. You must show “reasonable cause” for the delay.
Financial Setup
Open a Business Account
This is an important step if you want to maintain your “Corporate Veil.” You will lose the liability protection of your LLC if you mix your personal and business funds.
Set Up Accounting Software
Opt for accounting software such as:
QuickBooks Online (with Intuit Assist)
Xero
Found
Plan Quarterly Estimated Taxes
The IRS expects you to pay as you go, as LLCs are usually “pass-through” entities. Mark these dates:
Q1: April 15, 2026
Q2: June 15, 2026
Q3: September 15, 2026
Q4: January 15, 2027
Licenses, Permits, and Insurance
Most businesses need at least two or three of these before they can legally open their doors or sell a service.
Federal Requirements
Tax ID (EIN)
Federal licenses are only required if your business involves highly regulated activities like aviation, firearms, alcohol, or commercial fishing
State and Local Requirements
General business licenses: Often issued at the city or county level.
Sales tax permit: Mandatory if you sell taxable goods or services.
Professional licenses: The state requires individual professional certification for your LLC to operate.
Zoning permits: Before signing a lease, ensure your business type is zoned for that specific location.
Important insurance for most LLCs
General liability: It covers bodily injury, property damage, and “slip and fall” accidents.
Professional liability (E&O): Mistakes, negligence, or failure to deliver a service.
Workers’ compensation: Employees' injuries or illnesses sustained on the job.
Cyber liability: Data breaches, ransomware, and digital fraud.
Ongoing Compliance
File Annual or Biennial Reports
Most LLCs are required to file reports to keep the state’s records current. There are two types of reports:
Annual Reports
Required every year
Example: Florida, Texas, Wyoming
Biennial Reports
Required every two years
Example: New York, California, Nebraska, Iowa
| Important Info: Pennsylvania previously used a 10-year cycle. However, it has transitioned to a mandatory annual report for all LLCs. |
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How To File
Identify requirements as per the reports.
Most states prefer or require online filing through their official Secretary of State website. Deadlines vary widely, such as the anniversary of formation or a specific annual date.
You will need to confirm or update the LLC’s name, registered agent, business address, and member/manager details.
Fees range from nominal amounts to significant amounts. Sometimes the fees are combined with annual franchise taxes.
Conclusion
You must focus on the growth and survival of your LLC after its formation. Consider the help of LLC formation services to help you stay in good standing and ensure you ongoing compliance. You may consider the S Corp election if your LLC begins clearing more than $50,000 in annual profit.
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