I Just Formed My LLC. Here's What to Do in the Next 7 Days.
You filed the paperwork and got your LLC. Now what? A concrete, day-by-day checklist for software founders covering EIN, bank accounts, Stripe, IP assignment, and the compliance deadlines you need on your calendar.
The formation paperwork is filed. You have (or will soon have) your Articles of Organization. Congratulations, you own an LLC.
Now comes the part nobody prepares you for. The formation is step one of about ten, and the next seven days matter more than most founders realize. Miss a few of these steps and you'll either run into problems opening accounts, create tax complications for yourself, or undermine the liability protection you just paid for.
I'm going to walk through this in roughly the order things should happen. Some of this can be done in parallel, but the sequence matters because each step unlocks the next.
Day 1: Get your EIN
Your EIN (Employer Identification Number) is your LLC's tax ID. You need it to open a bank account, set up payment processing, and file taxes. Without it, you can't do much.
Apply directly on the IRS website. The application takes about ten minutes and you get your EIN immediately at the end. Print the confirmation letter or save the PDF. You will need this number constantly for the next few weeks.
Do not pay anyone for EIN filing. The IRS does not charge for this. If a service is charging you $50-100 for "EIN expediting," they're filling out the same free form you'd fill out yourself.
If QuickBiz handled your formation, we apply for your EIN as part of the process at no extra charge. You'll find it in your dashboard once it's assigned.
Day 1-2: Open a business bank account
This is the single most important thing you do after formation. A separate business bank account is what maintains the legal wall between your personal assets and your business liabilities. If you run business money through your personal checking account, you're giving a future plaintiff a strong argument that your LLC is a sham.
You'll need your Articles of Organization, your EIN confirmation, and a government-issued ID. Some banks also ask for your operating agreement.
For software founders, online-first banks tend to work best. Mercury and Relay are popular choices in the indie hacker and startup community. They understand tech businesses, the application process is fast, and they integrate well with accounting tools. Traditional banks work too, but expect the process to be slower and the online experience to be worse.
Once the account is open, move any business revenue into it. Going forward, all business income goes in, all business expenses come out. Your personal bank account and your business bank account should never mix.
Day 2-3: Set up Stripe (or migrate your existing account)
If you're already running a SaaS and collecting payments through a personal Stripe account, you need to update it to use your LLC's information. Go to Settings > Business details in Stripe and update the legal entity name, EIN, and bank account.
If you're setting up Stripe for the first time, use your LLC name and EIN from the start. Stripe's onboarding will ask for your business type. Select LLC. They'll want your EIN, business address, and the bank account you just opened.
This takes about fifteen minutes and prevents the messy situation of having revenue split between personal and business accounts.
Day 3-4: Assign your existing IP to the LLC
This is the step almost every founder skips, and it's the one that can cause the most problems down the road.
If you wrote code before forming the LLC, you own that code personally. The LLC doesn't. This sounds like a technicality until you bring on a co-founder, take investment, or try to sell the business. At that point, someone will ask "does the LLC actually own this software?" and the answer needs to be yes.
The fix is an IP assignment agreement. It's a document that transfers ownership of your existing code, designs, domains, and other intellectual property from you personally to the LLC. Your operating agreement should include provisions for ongoing IP assignment (anything you create for the business going forward belongs to the LLC), but the pre-formation work needs a separate assignment.
If your operating agreement came from QuickBiz, it includes IP assignment language for work created after formation. For pre-formation IP, you'll want a standalone assignment document. This is one of those things where spending $200 on a lawyer to review it is worth the peace of mind, especially if the codebase has significant value.
Day 5: Update your contracts and invoices
If you have existing customers, you need to update your contracts to reflect the LLC as the contracting party. New contracts should be signed by you "as Member of [Your LLC Name]" rather than by you personally. This maintains the separation between you and the business.
Update your invoice template with the LLC name and EIN. If you're using a service like Stripe Billing, update the business information there. Make sure your Terms of Service and Privacy Policy reference the LLC.
This doesn't need to be dramatic. For existing customers on monthly subscriptions, updating the billing entity name is usually sufficient. For new contracts, use the LLC's name from the start.
Day 5-7: Set your compliance calendar
Every state has ongoing requirements for LLCs. Annual reports, franchise taxes, or both. Miss these deadlines and you can lose your good standing, which means your LLC's liability protection is compromised.
The deadlines vary by state. Wyoming's annual report is due on the first day of the anniversary month of your formation. Delaware's franchise tax is due June 1 every year. Some states have biennial (every two years) instead of annual reports.
Put these dates on your calendar now, before you forget. Set a reminder for two weeks before the due date so you have time to file without rushing.
If you formed through QuickBiz, your compliance dashboard tracks these deadlines for you and sends reminders. It also tracks the post-formation checklist items I've described in this post, so you can check things off as you complete them.
The ongoing stuff
Beyond the first week, there are a few things to keep on your radar.
Keep your business and personal finances completely separate. Always. No exceptions. Don't buy groceries with the business debit card because it's more convenient. Don't pay a business expense from your personal account because you forgot to transfer money. This separation is what makes the LLC's liability protection real.
Track your expenses from day one. QuickBooks, Xero, or even a simple spreadsheet. Come tax time, you'll be grateful. If your revenue crosses the $40-50K net income threshold, talk to a CPA about S-Corp election to reduce your self-employment tax burden.
File your annual report on time. Pay your franchise tax if your state has one. These are simple tasks that take minutes but can cost you your LLC's good standing if you forget.
The first week after formation is the most important. Get the EIN, open the bank account, move your money, assign your IP, and set your compliance calendar. Everything after that is maintenance.