Business Formation

Business Formation

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.

1. Select a business structure ( Incorporate, LLC, LLP, partnership, choose S election) that best fits your needs by evaluating tax advantages, ease of operation and portability
2. Prepare an initial business plan to clarify your marketing, management, and financial plans
3. Select the right accounting software by evaluating your needs
4. Determine your start-up capital needs.
5. Identify sources of start-up capital and backup sources if needed
6. Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed
7. 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.
8. Establish billing and collection procedures to maximize your cash flow.
9. If you work from home, setup a home office so you canmaximize your tax deductions.
10. Prepare and file your application for your Federal Employer Identification Number
11. Provide payroll services and payroll tax filing when you bring on your first employee.
12. Identify your business insurance needs.
13. Assist in the drafting and review of your Partnership/Shareholder/Employment Agreement – which will prevent financial and emotional problems down the road.