When contemplating a new business, many individuals think first of an attorney to help with establishing a new company or other legal entity. Attorneys can provide legal advice and assistance with the formation of a new business, but are often are not equipped to provide advice about taxation of the business entity being formed. So while it is prudent to consult with an attorney regarding the legal aspects of forming a new business, it is also recommended that you seek advice from accounting and tax professionals who can provide good information about the tax consequences of the various business type choices.
Selecting Your Business Entity Type
Your new business may operate as a proprietorship, partnership, LLP, LLC, S-Corporation or C-Corporation. Each of these choices have their unique tax consequences. Many attorneys prefer to recommend formation of an LLC for new business startups but an LLC is often a poor tax choice for a new business.
Our professionals advise you as to the merits of each possible choice. We can also help you with the forms and procedures necessary to bring your new business into being. Our fee for an initial corporation or LLC start-up package is $600.
If outside financing is necessary, a Business Plan is the first step in bringing your dreams to reality. A well thought-out and presented business plan will show your bankers, or other financial source, that you have carefully looked at all aspects of the market, and the reasons why you will be successful. Without a good business plan, you are "flying by the seat of your pants". We will work with you to bring together all the necessary factors for establishing a sound business plan. We will then organize your information in a manner that will maximize confidence in your application.
A good bookkeeper is essential to running your business successfully. Initially, your business may be too small to afford to keep a competent bookkeeper on staff. We can provide bookkeeping services, prepare your payroll, and deal with the various reports that must be filed with different governmental and financing authorities.
You must establish a method of accounting for your business. Today, the computer has become the only acceptable choice. There are, however, many software packages available to help you track your business operations. We have experience with most of the available business accounting packages, and can help you to make the right choice. We can also set up your initial "chart of accounts," to ensure that you have the ideal method in place for keeping your financial records.
Let's Get Started!
If you are ready to start your new business, we can help with all aspects of this undertaking. Call us for an appointment! Please request Len Mitchell, CPA; Nancy Aleshire, EA, LTC; or April Gutierrez, EA, LTC when making your appointment. You may also book your appointment using our online booking system. The fee for an initial 60-minute consultation meeting is $200.