After you have completed the forms, you should start with the other forms and paperwork that will be required for your business. Here are some important next steps in setting up your LLC.
Create an operating agreement
The Operating Agreement is a document that outlines how you intend to operate the LLC. Although not a required government form, it is important because it contains voting rights, responsibilities of members and managers, rules for conducting the business, and descriptions of how property may be transferred. You can use a template or create one from scratch. Keep this document in your company register folder.
Get an Employer Identification Number
The EIN is a nine-digit tax identification number (TIN), sometimes referred to as the Federal Employer Identification Number (FEIN) or Federal Tax Identification Number (FTIN). When you receive it, you can open a bank account and file taxes under the LLC’s name. Getting an EIN is free. You can apply for an EIN by visiting the IRS website and using the information in your articles of association.
Under IRS regulations, an LLC with more than one member must obtain an Employer Identification Number (EIN). Single-member LLCs require one if they have employees or choose to incorporate as a corporation or S Corp. to be taxed.
Single member LLCs with no employees have the option of using the owner’s social security number instead, but all other LLCs must have an EIN.
Once you receive the EIN, keep a copy of the official document in the company file folder along with other important documents.
Obtain Hawaii tax identification numbers
You also need a Hawaiian tax identification number to properly operate your business in the state. Obtain the tax identification number by completing Form BB-1 (State of Hawaii Basic Business Application). This application is available online at Hawaii.gov.
This is a consolidated government tax registration application. It allows you to obtain required state taxes, employer licenses, and permits, including the Hawaii General Excise Tax (GET) license. It is also used to determine your withholding tax account and unemployment insurance tax (AV) tax account.
Annual Report of Domestic Hawaii LLC
You must complete a Hawaii Domestic LLC Annual Report each year. This report can be completed online and has a $15 processing fee. You must submit these annual reports in the quarter that includes the registration date. Failure to file this report can result in a $10 annual fine and eventual dissolution of the company if not done for two years.
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