Choose Your Management Structure
Posted: Sat Jul 05, 2025 10:38 am
Write an LLC Operating Agreement
Some states (although not many) make it mandatory to have an Operating Agreement, which is a document that describes how the LLC will function and be managed. Even if this isn’t a legal requirement, it’s a good idea to create one. This will give you a clear guide on how your individual business operates, instead of just being guided by generic state laws.
Learn more: How LLC Operating Agreements Work.
Your LLC may have added tax requirements and legal regulations which you’ll need to handle, such as:
Business License(s) — some industries need extra local overseas data and state business permits. Find out if you have any of these extra requirements by viewing the state website your LLC is registered in.
IRS Employer Identification Number (EIN) — the IRS uses this to track your business activities. If your LLC has more than one member, even if it has no employees, you’ll need an EIN. One-member LLCs that intend to have employees or choose to be taxed as an S-Corp will also need an EIN. To get one, apply on the IRS website.
Some states (although not many) make it mandatory to have an Operating Agreement, which is a document that describes how the LLC will function and be managed. Even if this isn’t a legal requirement, it’s a good idea to create one. This will give you a clear guide on how your individual business operates, instead of just being guided by generic state laws.
Learn more: How LLC Operating Agreements Work.
Your LLC may have added tax requirements and legal regulations which you’ll need to handle, such as:
Business License(s) — some industries need extra local overseas data and state business permits. Find out if you have any of these extra requirements by viewing the state website your LLC is registered in.
IRS Employer Identification Number (EIN) — the IRS uses this to track your business activities. If your LLC has more than one member, even if it has no employees, you’ll need an EIN. One-member LLCs that intend to have employees or choose to be taxed as an S-Corp will also need an EIN. To get one, apply on the IRS website.