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Operating Agreement

An operating agreement is a document that helps protect the business owner’s personal assets from the actions of their LLC, outlines which actions are acceptable for the business, and creates a succession plan in the event the owner exits the business.

Benefits of an Operating Agreement
Having one avoids some of the default rules of the state where you form your LLC. Without an operating agreement, your LLC would default to some of the standard rules and guidelines set by the state.
Helps secure funding from investors and lenders
Operating agreements outline legal and financial details such as decision-making authority and how funds are used that can be helpful when trying to secure funding for your business and increase your ability to grow your company.

Employer ID Number (EIN)

An Employer Identification Number (EIN), also called a Tax ID Number, is a 9-digit code assigned by the IRS to identify your business. It’s like a Social Security number for your company. An EIN is often required for a partnership, corporation, or LLC to open a business bank account, gain financing, hire employees, and more.

Why is it Important to Have a EIN?

Without an EIN, it’s more difficult to keep your business and personal funds separate, which could open you up to liability and put your personal assets risk. We highly encourage you to obtain a federal EIN number and open a separate business bank account so you can keep your business and personal transactions separate.

Business Name Reservation

Do you have an awesome name in mind for your business, but you’re not quite ready to get started? You can reserve your business name with the state if you aren’t yet ready to form your LLC or Corporation so that no one else can use it while you are preparing to launch your venture. We can do this for you.

DUNS Number

If you’re an entrepreneur getting your business off the ground, you might hear the term D-U-N-S Number mentioned. D-U-N-S stands for data universal numbering system. A D-U-N-S Number is a unique nine-digit number that Dun & Bradstreet uses to establish your company’s D&B file and identify businesses throughout the world. A D-U-N-S Number is important because it can be used to look up your business’s D&B Rating, which contains important information like your business creditworthiness. Other businesses and lenders often use this information in order to make a decision about working with your company or lending to it. Often times businesses assume that their D-U-N-S Number is the same as their Employer Identification Number (EIN), which is issued by the IRS. Your company’s D-U-N-S Number is not the same as your company’s EIN, yet both are used for identification purposes. Getting a D-U-N-S Number can benefit your business in several ways. Here are some of the principal ways a D-U-N-S Number can help you:

Establish business creditworthiness:
Your D-U-N-S number is directly connected to your D&B credit profile for your business. Your credit profile is extremely important because vendors, suppliers and other businesses use it to determine whether they should do business with you. Equally if not more important, lenders who are considering lending to your business will want to review for credit history, often through your D&B Rating. Taking steps to build your business credit is critical to your success.

Protect your personal credit:
If you don’t have a D-U-N-S Number associated with your business credit profile, you’ll typically need to rely on your personal credit more for business purposes. It is generally not a good idea to intertwine your personal credit with business credit because, if you make late payments or keep high amounts of business debt, then your personal credit will suffer.

Getting government contracts:
It is very common for local, state and federal government contracts to require your company have a D-U-N-S Number. Contract opportunities will likely require your business to have a D-U-N-S number. For instance, any contracts through the System for Award Management (SAM) will require a D-U-N-S number to qualify.

Better terms from your vendors and suppliers
Using your D&B credit profile, if you can demonstrate to vendors and suppliers that you’re a creditworthy business, you’ll have improved chances at getting better trade terms from them, such as net-30 or net-90 day terms on payments to them. Since building your creditworthiness depends on establishing a business credit history, getting your D-U-N-S Number is highly recommended.