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New Entity Action Items
Updated over a week ago


  1. Pay for service with your signup link.

  2. Receive Order Confirmation email

  3. Receive Welcome to Collective email.

  4. Receive an introduction email from your Enrollment Manager.

Member Kickoff

  1. From your Collective Dashboard, complete the Kickoff Questionnaire by answering a number of questions about yourself and your business.

  2. Sign up for a date/time for the group Kickoff Call Webinar.

  3. Attend the webinar to get an overview of Collective, our process and your upcoming journey with us.

  4. If you cannot attend the webinar, it is recorded and a link to the recording is included in the Kickoff Webinar summary email.

Formation / New Entity Setup Steps

  1. Receive LLC formation kick off email.

  2. Log into the Dashboard

  3. Provide Collective with your LLC name and a backup LLC name, as well as a business address for the LLC.

  4. Receive Business Refresher email to recap the information covered so far.

  5. Receive Welcome to Collective - here’s what to expect next! email.

  6. Once the LLC is approved, receive Your LLC has been formed! email.

  7. Log back into the Dashboard.

  8. Sign the operating agreement.

  9. Provide additional details needed to obtain the Federal Tax ID (EIN) and sign the SS4 Form. Collective will use the SS4 form to apply for the EIN on your behalf.

  10. Receive Your Federal Tax ID (EIN) application process is complete! email.

  11. Either opt into or out of using our partner (CSC) to help research business license requirements.

  12. Receive Sign your Form 2553 email.

  13. Print, complete, and sign the 2553 (with ink) and then upload the signed document in the Dashboard. Collective will fax the 2553 to the IRS.

  14. Either open a bank account with Mercury bank by filling out the application through Collective, or open an account at another bank of your choosing. The bank should be compatible with both Xero and Gusto.

  15. Receive Confirm your business bank account email.

  16. Receive Your initial LLC contribution email.

  17. Log into the Dashboard and provide us with the bank you have selected and the last 4 digits of the account number.

  18. Enter the amount of your initial contribution to the bank account.

  19. Receive Congratulations, your LLC formation is complete! email.

Onboarding Accounting & Payroll Flow

  1. Receive an email for action items to get your Xero and Gusto accounts set up.

  2. Walk through the Gusto embedded onboarding flow and a help center article that helps you configure your Xero instance.

  3. Once you have completed all action items, schedule a call with your Onboarding Accountant from the Dashboard.

  4. Meet with your Onboarding Accountant to complete your book rebuilds, analyze your first financial reports, and run your first payroll.

Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.

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