We have helped many clients with LLC, partnership and corporate formations. Are you, thinking of owning your own business? Starting a business can be an exciting and extremely rewarding experience, both emotionally and financially. But in order to reach that point you need to be well informed on good business practices; that's where we come in.
We can help you determine, firstly, what business entity is right for your company, as you can realize substantial tax savings if the right business entity is formed. Beyond that, a plan of action is needed to fulfill your dream of being your own boss and running a successful business. We help you avoid the common pitfalls that many new small business owners make when starting their new venture. We help you...
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 acquire, 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 never a good thing.
Establish billing and collection procedures to maximize your cash flow.
Establish procedures to monitor and control costs.
Set up a home office to 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 strain down the road