7 Things You Must Do in Your LLC's First Year

Buy my book, The Art Of Legal Tax Avoidance ▶ https://theartoflegaltaxavoidance.com/?utm_source=youtube&utm_campaign=book_launch Book a Professional Tax Assessment Call ▶ https://start.taxalchemy.com/consultation/survey-page?utm_source=youtube&utm_medium=description&utm_campaign=what-to-do-in-the-first-year-of-your-new-llc Download the Short-Term Rental Rule E-Book! ▶ https://ebook.taxalchemy.com/?utm_source=youtube We earn commissions when you shop through the links below. Get Help Setting up Your LLC, Now ▶ https://shareasale.com/r.cfm?b=617326&u=2911896&m=53954&urllink=&afftrack= The first year of your LLC sets the tone for everything that follows — and most business owners get it wrong without even knowing it. From tax elections to business credit, the decisions you make early on can either protect your assets and reduce your tax burden, or quietly cost you thousands. In this video, tax expert Karlton Dennis breaks down 7 critical steps every LLC owner should take in year one. He walks through why an operating agreement matters even for single-member LLCs, how to obtain your EIN, why separating personal and business finances is non-negotiable for liability protection, and what you need to understand about your tax election before it defaults to the wrong classification. He also covers paying yourself properly through an owner's draw, building business credit under your LLC, and setting up bookkeeping that keeps you out of trouble at tax time. If you recently formed an LLC or are planning to, this is the roadmap you need before you make a costly mistake that's hard to undo. Watch this to build a foundation that actually holds up - financially, legally, and when it counts most. CHAPTERS 0:00 Introduction 0:23 Step 1: Create an Operating Agreement 1:50 Step 2: Obtain Your EIN 4:05 Step 3: Set Up a Separate Business Bank Account 5:29 Step 4: Set Up Bookkeeping and Accounting 6:50 Step 5: Learn How to Pay Yourself Properly 7:58 Step 6: Build Business Credit Under Your LLC 9:11 Step 7: Understand Your Tax Election and Obligations 10:39 Outro10:39 Outro *Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.