how to operate company from 1 member to multi members

by New Yorker Girl
(NY)

Hi, I am looking to form an LLC and I'll be the only member right now. Being a small startup, I'd like to know "best practices" of how this company should run now and how it should be run as soon as I have other members. Thank You!!

Answer

The main things are:

1. Create your LLC as soon as possible--before you start entering contracts or selling to the public. If you haven't created one before, I would suggest using a full-service online incorporation company such as Legalzoom or the Company Corporation.

2. Open bank accounts, credit cards, paypal accounts, etc. in your LLC's name as soon as possible.

3. Invest in a good accounting software (such as Quickbooks--get the 2008 edition if you have online banking and NOT the 2009 edition).

4. Make sure you have a written operating agreement--particularly once you add another member to your LLC.