New Business Formation

Thinking of owning your own business? Opening your own business is exciting and thrilling. It’s everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. It’s up to you to maintain and stretch out the “thrill and excitement” period forever. A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. 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; and identify sources of start-up capital, along with backup sources if needed. We evaluate and quantify your borrowing power so you know how much money you can get your hands on if necessary, and 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.

 

We also assist in selecting the right accounting software by evaluating your budget, needs, and hardware, and prepare a Cash Flow Budget so you know exactly how much money is needed to keep the business alive each month for the first few years, preventing unplanned cash requirements that can be emotionally painful. Additionally, we establish billing and collection procedures to maximize your cash flow, and set up procedures to monitor and control costs.

 

Our services include setting up a home office to maximize tax deductions, preparing and filing all required state and local licenses and permits, and filing your Federal Employer Identification Number application. We also provide payroll and payroll tax filing when you bring on your first employee, ensure compliance with employment laws to avoid fines and disgruntled employees, and identify your business insurance needs. For partnerships, we develop solid Partnership Agreements to prevent financial and emotional problems in the future.

 

Let us help you succeed by getting your new business off to a good strong start.