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.
- 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.
- Setup 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.
Thinking of closing your business?
Every once in a while, the business cycle requires the small business owner to close and dissolve the business. It’s a stressful time and a multi-step process. Whether the business is owned by one person or a group of investors, the process of liquidation has to go through few steps. The type of business dictates the process, the sequence, the amounts available for distribution, and the potential liabilities. Our team works with yours move through these steps in an orderly manner.
Corporate Books and Annual Minutes
Have you become an s-corporation or corporation?
Have you created your corporate book?
Do you know of the required annual minutes?
Our office can assist you with both the creation and maintenance of your corporate book and producing your required annual minutes.
Contact us today for pricing information and to understand the importance of maintaining both items!