After I file for a business name and my LLC, what are the next steps I need to take in order to protect myself and my business?

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After I file for a business name and my LLC, what are the next steps I need to take in order to protect myself and my business?

Asked on September 10, 2019 under Business Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

1) Get an Employer ID number from the IRS and use that, not your personal social security number, in conjunction with the business.
2) Set up a separate LLC bank account and keep LLC money separate from your personal funds--"comingling" LLC and personal money is one of the things that can cost you the protection of the LLC.
3) Make sure when sign anything for the business, that you do so as "John Doe, Member Whatever-the-Name LLC" or "John Doe, President Whatever-the-Name LLC," etc. and not in your own personal capacity.
4) Get the appropriate insurance for the LLC (e.g. general liability, if it does *anything* that could possibly harm another person) for further protecton.


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