New Business Formation

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Starting a new business is an exhilarating and exciting process that takes a lot of dedication, work, and preparation to ensure its bright and successful future. Having a dependable and knowledgeable team of tax professionals working alongside your new business can be immensely invaluable, from a logistical standpoint, and that’s where we can help. We methodically help you choose the correct business structure that best fits your new business’s unique goals and needs as well as your financial expectations. And our diversified network can cater to any of your needs because we know that selecting the right business formation is crucial.

SEE THE BIG PICTURE

We evaluate your short and long term goals to choose the correct entity classification for your new business and where to incorporate. While you do not have to incorporate in the state in which you are operating from, you do have to register your business in that state, something that we can easily help you do.

Choosing the Right Entity

By allowing us to help you choose the right formation from the beginning, we can help you save thousands in unnecessary professional fees down the road and put your assets at risk of losing.

Making the Best Accounting & Tax Decisions

We evaluate your budget and needs to select the right accounting program and help you prepare a Cash Flow Budget so you can be prepared for how much money you will need to keep your business going for the first few years. We also help you determine methods to control costs and maximize cash flow and strategize ways to maximize your tax deductions.

Going Beyond the Numbers

We evaluate your tax advantages, ease of operation, legal exposure, portability, and help you plan an exit strategy. Exit strategy is just as important as your entry strategy! We will also prepare and file all the required state and locally required licenses and permits and help familiarize you with the tax statutes (and states laws if you are a Corporation or LLC). And we have the resources to provide banking, legal, and marketing elements as well.

KNOW THE DIFFERENCE

  • Corporation (Taxed as an S or C Corp): An independent legal entity owned by shareholders. Corporations are generally suggested for larger, more established companies with multiple employees. Corporations file taxes separately from their owners and pay income tax on their profits.
  • Partnership: Two or more persons carrying on a trade or business together with each person contributing money, property, labor or skill to share in the profits and losses of the business. Partnerships do not pay income tax on their profits. Instead, partners include their share of the income or loss on their personal tax returns.
  • LLC (Single Member or Multi Member): A hybrid legal structure that provides the tax benefits and operational flexibility of a partnership and the limited liability features of a corporation. Like partnerships, LLCs are not taxed as a separate business entity.
  • Sole Proprietorship: An unincorporated business owned and run by one individual with no distinction between the business and the owner. It is the simplest and most common structure chosen when a business is started. Because the sole-proprietorship income is your income, the business itself is not taxed separately.
  • Trust: A legal entity that acts as an agent or trustee on behalf of a person or business for the purpose of management, administration, and the eventual transfer of assets to a beneficiary.
  • Estates: A sum of all your assets, such as legal rights, interests, and entitlements to any kind of property, minus all liabilities.

HOW WE CAN HELP

  • Prepare an initial business plan to clarify your marketing, management, and financial plans.
  • Determine your start-up capital needs.
  • Identify sources of start-up capital and backup sources if needed.
  • Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed.
  • Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate.
  • Select the right accounting software by evaluating your budget, needs and hardware.
  • Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements are always emotionally painful.
  • Establish billing and collection procedures to maximize your cash flow.
  • Establish procedures to monitor and control costs.
  • Set up a home office so you can maximize your tax deductions.
  • Prepare and file all required state and local licenses and permits.
  • Prepare and file your application for your Federal Employer Identification Number.
  • Provide payroll and payroll tax filing when you bring on your first employee.
  • Comply with employment laws so you don’t get hit with fines and unhappy employees.
  • Identify your business insurance needs.
  • Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road.

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