Starting your own business is an exciting new experience, but it can also be quite a challenge. At Excellent Tax and Accounting, Inc, our business startup services can help you begin your business smoothly and take the stress of paperwork off your shoulders. Our team is skilled in various bookkeeping and accounting methods that can help you navigate the obstacles of starting and running a small business.

By providing you with the information you need, our advisors can help you make decisions to grow your company. We are the team you can count on for all your startup and business consulting needs. Contact us today to schedule an appointment.

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Your business structure has a significant impact on how much you will pay in taxes. That means it is one of the most important decisions you have to make. We can help you choose the correct entity from the start. By evaluating different structures for tax planning advantages and ease of operation, we can find one that fits all your needs.

Here are the different business entities you can choose from:

Choosing the Right Business Entity

Sole Proprietorship: If you are looking for a simple business entity to establish, this is perfect for your needs. It’s an excellent choice for a single person who owns and operates his company. That way, you can add your business income and expenditure to your personal income tax returns for easy and quick filing. This type of entity is also unincorporated, and you will be responsible for all the liabilities since it’s not a separate legal entity from the owner.
Partnerships: With this type of entity, you and two or more other owners need to sign a written agreement to share in the responsibilities of managing and operating a business together. You will also share the gains and losses. Additionally, when tax filing returns, each partner must report their share of the profits or losses.
C- Corporation: This entity differs from a sole proprietorship in that the business becomes a separate legal entity from the owner. It also limits the liability of its owners and other investors. You are not liable for its losses, and each shareholder or owner will pay taxes based on profits and corporate dividends.
S- Corporation: This entity often appeals to new startups because it offers tax benefits and protects owners from liabilities. It passes credits, deductions, income, and losses to its investors. Even so, you need to strictly adhere to all the accounting and legal rules unique to this entity.
Limited Liability Company: This is a unique hybrid entity. It combines either a sole proprietorship or a partnership with a corporation’s characteristics. As an owner, you will not be personally liable if your business experiences losses.

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 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.

Let us help you succeed by getting your new business off to a good strong start. Please complete the form below to learn more about our New Business Formation Services.

Get a free consultation.

We will take care of your accounting and administrative needs.

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(562) 464-5730