Most new LLCs fail because owners skip critical steps after filing. You need a written operating agreement, organizational minutes, an EIN, and a corporate book. Without these, you lose legal protection and invite audit problems.
Number one mistake is you've got this one piece of paper from the state that you did online in 15 minutes and you paid $50 to file and you're like, I'm in business, baby. I've got an LLC. What are all the parts I need? Operating agreement. Okay. And then you want to have minutes. These can be organizational minutes typically. Say who your key people are. Yeah.
Key things in there. Tax selections. People need to be in there. Accountable plan provisions. Oh, you wanted to take some extra expenses for home office, auto, maybe some healthcare strategies. Those better be in your minutes. Well, I'll 'Oh, my accountant will just do it later.' They got to be in your minutes. Under audit, you will fail.
Okay, next thing, you brought up the IRS. You want to get an EIN for the business. I'd like a corporate book, you know, to have it all organized.
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