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Business Initial Actions

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BUSINESS INITIAL ACTIONS AGREEMENT

This Business Initial Actions Agreement (the Agreement) is entered into as of by and between:

Company Name:   State of Formation:

Company Address:

Consultant/Agent:   Address:

RECITALS

WHEREAS, the Company has been formed or will be formed to engage in lawful business activities as set forth in its formation documents and requires assistance performing initial corporate actions and administrative setup necessary to commence operations; and

WHEREAS, the Consultant has experience performing business formation and administrative setup tasks and is willing to perform the Initial Actions on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties agree as follows:

SCOPE OF WORK

The Consultant shall perform the initial organizational, administrative and operational actions (Initial Actions) reasonably necessary to place the Company in position to commence business operations. Representative Initial Actions include, without limitation, the items checked below and any additional items described in the Scope of Work field.

File formation documents with the appropriate authority (Articles/Certificate of Formation)

Adopt initial bylaws or operating agreement and corporate resolutions

Issue membership interests or shares to founders and prepare issuance records

Obtain employer identification number and register for required tax accounts

Open bank account(s) and prepare bank resolutions

Obtain required business licenses and permits

Designate and file registered agent information

PAYMENT TERMS

Company shall pay Consultant the fees set forth below in consideration for the Initial Actions. Fees are exclusive of applicable taxes unless otherwise stated.

Late Payment: Any undisputed amount not paid within days after the due date shall incur a late fee at the rate of per month on the overdue balance, calculated monthly and compounded.

TERM AND TERMINATION

Term Commencement Date:

Termination Date (if applicable):

Either party may terminate this Agreement for convenience upon written notice to the other party delivered not less than days prior to the effective termination date. Either party may terminate immediately for cause if the other party materially breaches this Agreement and fails to cure such breach within thirty (30) days after receipt of written notice.

CONFIDENTIALITY

Each party acknowledges that during performance of this Agreement it may receive confidential, proprietary or trade secret information of the other party (Confidential Information). Confidential Information does not include information that is or becomes publicly known through no breach of this Agreement, is rightfully received from a third party without restriction, or is independently developed without use of the other party’s Confidential Information.

The recipient of Confidential Information shall (i) hold such information in strict confidence using at least the same degree of care it uses to protect its own confidential information but no less than reasonable care; (ii) use Confidential Information solely to perform its obligations under this Agreement; and (iii) not disclose Confidential Information to any third party except to employees or contractors who have a need to know and who are bound by confidentiality obligations at least as restrictive as those herein. Upon termination or request, recipient shall promptly return or destroy Confidential Information and provide a certification of destruction if requested.

INSURANCE AND INDEMNIFICATION

Consultant shall maintain appropriate liability insurance as required for the scope of services and shall indemnify, defend and hold harmless Company and its officers, directors and agents from and against any third party claims, losses, liabilities, damages and expenses arising from Consultant’s gross negligence or willful misconduct in performing the Initial Actions, except to the extent caused by Company’s negligence or willful misconduct.

GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of without regard to its conflict of laws principles.

ENTIRE AGREEMENT; AMENDMENT

This Agreement, including any exhibits or attachments expressly incorporated herein, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings and communications, whether written or oral. No amendment or modification shall be effective unless in writing and signed by both parties.

MISCELLANEOUS

Notices shall be in writing and delivered by hand, certified mail (return receipt requested), or nationally recognized overnight courier to the addresses set forth above or such other address as either party may designate in writing. If any provision of this Agreement is held invalid or unenforceable, the remaining provisions shall continue in full force and effect.

Company Name:

By:

Date:

Consultant/Agent:

By:

Date:

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What Business Initial Actions Covers

Business Initial Actions is a consolidated checklist and set of starter documents for newly formed or reorganized businesses. It guides founders through formation filings, tax and employment registrations, banking setup, governing document adoption, required licenses, and initial corporate governance steps so the entity can operate legally and receive payments.

Why these first steps matter for your business

Completing Business Initial Actions early reduces legal and tax risk, prevents administrative delays, and ensures the company can open bank accounts, hire employees, and contract with customers. Accurate initial steps also preserve limited liability protections and create an audit trail for compliance with federal and state requirements including ESIGN and UETA.

Why these first steps matter for your business

Who typically completes these initial tasks

The following roles most often prepare and sign Business Initial Actions documents before operations begin.

  • Founders and owners who register the company and confirm formation details for banking and tax purposes.
  • Small business operators and managers who gather licenses, EINs, and vendor contracts to start operations.
  • In-house legal or external counsel who draft bylaws, operating agreements, and initial resolutions.

Different participants may own specific items on the checklist; assign responsibility and due dates to avoid gaps during launch.

Six core components of Business Initial Actions

A professional Business Initial Actions package organizes filings, governance documents, registrations, and evidence of compliance into discrete, trackable items so stakeholders can complete onboarding, banking, hiring, and contracting in a repeatable way.

Formation Filing

Articles of Organization/Inc. or equivalent filed with the state to create the legal entity; includes filing confirmation and effective date.

EIN and Tax IDs

Employer Identification Number from the IRS and any state tax account registrations needed for payroll and sales tax obligations.

Governing Documents

Operating Agreement or Bylaws plus initial resolutions establishing authorized signers, ownership percentages, and voting rules.

Registered Agent

Named agent for service of process with address and consent documentation per state requirements.

Banking & Payments

Documentation to open business bank accounts, payment processor setup, and proof of authorized signers.

Licenses & Permits

Local, state, and federal licenses or permits required by industry, with application receipts or approvals attached.

Step-by-step: Complete Business Initial Actions

Follow these four sequential steps to move from formation to operational readiness, assigning a responsible party for each task.

  • 01
    Prepare Documents: Assemble formation paperwork, signed incorporation/organization documents, and initial resolutions.
  • 02
    Register Tax IDs: Apply for EIN, register for state payroll and sales tax accounts where required.
  • 03
    Open Financial Accounts: Open business bank accounts and set up payment processors with authorized signers.
  • 04
    Obtain Licenses: Apply for industry and local permits; maintain receipts and compliance dates.

Configuring an online workflow for initial tasks

Define roles, required documents, and automated routing to reduce manual follow-up and improve completion rates.

Field Configuration
Signer Roles Founder, Authorized Officer, Registered Agent
Authentication Email link with optional SMS code or ID verification
Document Types PDF, DOCX templates, and fillable forms
Notifications Automated reminders and completion receipts

Where to file or submit each item

Routing the right document to the correct recipient prevents administrative back-and-forth and preserves the official record.

  • State Filing: Articles go to the Secretary of State or equivalent filing office.
  • Federal Tax: EIN applications go to the IRS (online or by fax/mail).
  • Local Licensing: Permits are submitted to city/county licensing departments.
  • Banking: Bank account opening documents are submitted to the chosen financial institution.

How to share and distribute initial documents electronically

Choose platforms and formats that recipients can access, authenticate, and retain for audit purposes.

  • File Formats: PDF | DOCX | HTML
  • Integrations: Salesforce | NetSuite | Google Workspace
  • Authentication: Email link | SMS code | ID verification

Use systems that produce an audit trail and retain a reproducible copy of signed documents for compliance and later verification.

Typical timing and processing expectations

Timelines vary by state and service; plan for variable processing times and set internal deadlines to avoid regulatory or operational delays.

State Formation Processing:

Same day to several weeks depending on state and filing method

EIN Issuance:

Immediate online; mail/fax may take longer

Bank Account Setup:

Often 1–7 business days after document verification

Licenses & Permits:

Variable — usually days to months depending on agency

Contract Execution:

Typically completed within 24–72 hours using e-signature workflows

Key milestones from formation to first operations

Track these numbered milestones to ensure coordinated completion across legal, tax, banking, and operational teams.

01

Formation Filed

State accepts articles and assigns a formation date.

02

EIN Obtained

IRS issues EIN enabling tax registration and payroll.

03

Governing Documents Adopted

Operating agreement or bylaws signed and recorded.

04

Accounts Opened

Bank and payment processor accounts become active.

Required identifying information at a glance

Legal Name: Full registered name
EIN: Nine-digit EIN
Registered Agent: Name and street address
Principal Address: Street, city, state, ZIP
Organizers/Officers: Names and titles
Formation Date: State-assigned effective date

Common preparation mistakes to avoid

  • Using inconsistent legal names across documents, which delays bank and tax account verification and may require amended filings.
  • Attempting to open accounts without an EIN, leading to vendor rejections or backup withholding requirements.
  • Failing to register for state payroll or sales tax accounts before hiring or selling, which can create penalties and interest.
  • Not recording initial governance actions (resolutions, officer appointments), increasing ambiguity about authorized signers.

Consequences of incomplete or incorrect initial filings

Delayed Banking: Unable to open bank accounts
Tax Penalties: Interest and fines for late registrations
Personal Liability: Piercing corporate veil risk
Licensing Violations: Administrative fines or stop-work orders
Contract Enforceability: Counterparty disputes over authority
Operational Delays: Halted hiring or revenue collection

How Business Initial Actions differs from related documents

Compare typical scope and timing so you apply the correct document or checklist for each early-stage need.

Criteria Business Initial Actions Operating Agreement Articles of Organization
Primary purpose launch readiness internal governance entity formation
Timing post-formation start within 90 days at formation
Signer founders/officers members/officers organizer/filing party
Filing required no (internal)

eSignature vendor pricing and compliance snapshot

Basic pricing and capability comparisons for common eSignature providers; signNow is listed first per vendor ordering rules.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial Yes, 7-day trial Varies Varies Varies Varies
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No
Envelope Cap No cap 100 envelopes/user/year Varies Varies Varies

Practical tips to complete initial actions accurately

Adopt consistent practices across formation, tax registration, and banking to reduce rework and speed operational start-up.

Confirm Legal Names
Verify the exact registered entity name on state formation documents and use it consistently across EIN applications, bank forms, and contracts to avoid mismatches.
Obtain EIN Early
Apply for the EIN immediately after formation so payroll, vendor onboarding, and banking can proceed without delay; keep the confirmation letter for records.
Record Governance Actions
Adopt and sign bylaws or operating agreements and initial resolutions that identify authorized signers for banking and agreements to prevent disputes.
Centralize Storage
Store signed formation docs, licenses, and tax registrations in a secure, access-controlled repository with backup and an audit trail.

Frequently asked questions about Business Initial Actions

Answers to common questions about timing, required information, e-signature validity, and correcting errors during the startup phase.


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