Congratulations!
You have an idea, took a leap of faith and decided to start your own business.
Whether you’re working from a home office, or found an office space to lease, you have started on your road to independence.
Regardless of where your office is located, everyone must follow the same path to get started right.
You have an idea, but do you have a plan?
Writing a Business Plan will help you set goals for the next 1, 2, or 3 years. Getting started involves writing a “living” Business Plan, a plan that is not set in stone, but evolves as your business evolves.
Let us help you get started with your success and help you compile your business plan.
So many choices, Sole Proprietor, LLC, LLP, Partnership, Corporation,
S-Corporation.
Which one is right for you?
Each structure provides different levels of protection and requirements. Getting started requires that you determine which business structure fits your business.
That’s where we can help. We’ve been consulting with business start-ups for over 25 years and are ready to help you determine which business entity will work for you.
Depending on which Business Structure you choose, you may be required
to register your business name. It is your responsibility to check with your
local, county/parish, and state government office to determine if registration is required.
Never assume that you are not required to register. Keep yourself compliant with the powers that be. We’ll help you determine where you will need to register.
Employer Identification Number
You have a Social Security Number and your business requires an Employer
Identifcation Number, sometimes referred to as an Tax Identification
Number or a Federal Identification Number.
Even as a Sole Proprietor, I recommend that you file for an EIN; as this protects you from the need of giving your social security number out to various vendors.
This is the number you give your vendors when required to complete a Form W-9. Your bank will want this number when setting up bank accounts in the name of your business.
A critical step that we can help you with.
You are responsible to contact your local, county/parish, and State
Department of Revenue to determine which taxes you are required to
register for.
There are taxes that are industry specific, so make sure you register for the correctly. Each state is different, this site gives an overview of the taxes you might be responsible for.
We’ll ask you the right questions and find the right answers for you. Schedule your appointment today.
Not only may you be required to register for various tax obligations, you
may be required to purchase business licenses and permits. Each local,
county/parish, and state is different. For those businesses that operate in
many different locals, you are responsible to verify if you need a business
license and/or permit to operate within their jurisdiction. You are
suspectible to being fined for not purchasing the correct license and/or
permits.
Let us help you determine what licenses and/or permits you may need to purchase.
You must register with Federal, State, and possibly local authorities when
you have employees. You are responsible for federal, state, and local
withholding taxes, federal and state unemployment taxes, employee
eligibility verification on the federal and state level, and workman’s
compensation. This list may not cover your state entirely.
Getting started in business requires compliance in many areas and this is not a complete comprehensive listing.
Contact me today to discuss what areas of compliance you will need to follow.