Startup Organization Checklist (Limited Liability Company)
1. Initial Governing Documents
(a) Certificate of formation or other organizational filing in the jurisdiction of formation (including appointment of registered agent)
(b) Operating agreement
2. Founders’ Initial Equity Issuances
(a) Founder equity restriction or subscription agreements (as applicable)
(b) 83(b) elections (only if equity is subject to vesting)
(c) Founder Invention Assignment Agreements
3. Employer Identification Number
(a) Submit IRS Form SS-4
(b) Await IRS confirmation letter with EIN
4. Business and Personal Asset Protection
(a) Open a business bank account (may require submission of evidence of formation or a certificate of good standing)
(b) Obtain general commercial liability insurance
5. Required Permits or Licenses
(a) Qualification to do business as a foreign entity in those states where the business has its principal office or plans to do business
(b) Determine if other governmental authorities (e.g., departments responsible for commercial taxation, workers compensation, etc.) and/or jurisdictions (e.g., at the county or city level) require registration of the business where it is qualified to do business
The foregoing has been provided for reference only and does not constitute legal advice. For specific steps and legal guidance on how to form a limited liability company for your startup, please contact a member of our New Ventures group.