What's Next After Incorporation: Operations

Now that the legal docs are taken care of, what’s next? Operationally, getting a company up and running is easier now than ever before with many cheap or free online tools. Here’s a shortlist of tasks companies often need to complete to get their company off the ground:

Communications

1. Purchase web domain for company website and email
2. Create company email for founders, such as Google Workspace 
3. Messaging platform for company communications, such as Slack
4. Optionally - get the website up and running with many no-code solutions, such as Webflow. It may make more sense to get a website up when you’re looking to test out your prototype with potential customers or fundraise, to show you are a legitimate business through an online presence.

Taxes

1. Register for an EIN on the IRS website
2. Create calendar ticklers for filing dates for taxes (corporate tax return, state franchise taxes).

Banking & Accounting

1. Open a bank account so you can start self-funding and receiving customer payments. You’ll need an EIN to open a bank account, and can choose from online-only banks or larger institutions if you’re farther along and want a personal touch to your banking experience. Larger banks with innovation programs often specialize in supporting startups on fundraising efforts, including connecting companies with VCs. If you’re bootstrapping and don’t plan on taking in revenue for a while, it may not be necessary to create a bank account until later on.
2. Create a process to track and manage expenses and receipts, so you can reimburse yourself later. Most founders use something simple such as Google Sheets or Excel, and only use an accounting service much later when they’ve fundraised and have a growing team (and growing expenses). 

Document management

1. Have a document repository for all your legal docs and receipts. It’ll speed up the diligence process later on when you’re fundraising and VCs request all your company documents. 

Business Licenses

1. You may need to apply for a license to conduct business in the city and state you’re running your business in. You can research whether these are necessary and how to apply, along with their filing fees and renewal requirements.

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