Start-Up Services
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.
Often the most important aspects of Starting a New Business get overlooked or delayed. Start off on the right foot and let us handle the tedious yet important details of your start up.
We are dedicated to helping you start your small business as quickly and easily as possible. Here are several steps required to start your business in any State that we can help you with along the way.
1. Business Entity Selection
We can assist clients in understanding and selecting the tax class most appropriate for their business/tax needs – whether a Sole Proprietorship, Partnership/Limited Liability Company (LLC), or Corporation by, among other things, reviewing the options available to both single and multi-member LLCs, and assessing the pros/cons of electing to be taxed under Subchapter S of the Internal Revenue Code.
Choosing the form of entity of your business (e.g. "S" corporation, sole proprietor, limited liability company…) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company.
In addition, we can assist clients in assessing the tax implications of acquiring a business by analyzing the pros/cons of stock versus asset acquisitions, reviewing available tax elections, explaining purchase price allocation methodologies, and so forth.
2. Writing a Business Plan
Many Americans dream of going into business for themselves. About one million a year actually do it. Unfortunately, for most, the dream will become a nightmare. After two years, 90% of new businesses fail. A survey indicated only 80% of all businesses have a business plan. That same survey showed that having a business plan gives businesses a 90% better chance of succeeding!
Many factors affect business success. Though you can't control all of them, it does help to "capture" a vision of your business on paper. Your business plan will not only focus your efforts, but show others the serious planning you've done to support your dream and it will increase your chances of achieving success. We will provide your business with quality written plans based on your custom requirements and business needs
4. Opening a Bank Account/Obtaining Licenses & Permits
We can advise you on banking requirements and assist you in preparing the paperwork necessary to obtain any business and tax permits you may need.
5. Set up an Accounting and Record-Keeping System
We can assist clients in selecting the method of accounting most suitable to their business within the confines and limits of the Internal Revenue Code. We will setup your Accounting and Record-keeping system and help you learn about the taxes your new company is responsible for paying.
6. Systemize and Organize
We encourage you to let us prepare the business as if someone needed to take it over and run it for you. This means have a method to process orders, pay bills, pay employees, pay taxes, maintain your permits, etc. Basically, try to make the operational aspect of the business as automated and efficient as possible so you can concentrate on growing your business.
7. Develop a Business Identity
Our expertise in brand development allows us to create the perfect logo and media set to launch your new business. From pre-press for business cards, letterhead and promotional materials to complete web design that will kick start your venture.
8. Developing A Marketing Plan
Once you’ve set-up the company for success, you need to get the word out. We can create and implement a marketing plan for your products and services that targets your ideal customer.
We can Help You...
• Prepare an initial business plan to clarify your marketing, management, and financial direction.
• 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.
• 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.
and much more...
Let us help you succeed by getting your new business off to a good strong start.
Additional Business Services
Merger & Aquisition Services
Structuring the purchase or sale of a business properly is a critical step in the process of buying or selling a business. Our competent staff has experience to guide you through the acquisition/disposition process by addressing such issues as cash flow analysis and tax considerations.
Business Succession Planning
Effective coordination of the transition of your business to your successors is critical to ensure its continued success once you decide to remove yourself from the company's day to day operations. With a solid background in tax and other financial matters, we are fully qualified to address the complex issues of business continuation and can assist you in developing a strategically sound plan.
Tax Planning Services
Our Tax Specialists are also on hand to make sure your Personal Tax Planning is on track.The first typical tax service for a new client is tax preparation of the previous year's federal and state tax returns, but our services do not stop there.
Sylvia A. Ehrenreich CPA also offers calculated projections of tax withholding and estimated taxes, to ensure our clients are paying the proper amount of taxes to the IRS throughout the year to avoid penalties and interest for underpayment, but also to ensure our clients are not paying in too much and giving the IRS an interest-free loan over the course of the tax year.
- PLANNING THE MOST TAX-EFFICIENT WAYS TO SAVE FOR RETIREMENT, COLLEGE AND OTHER OBJECTIVES to ensure you take maximum advantage of tax exclusions and DEDUCTIONS created by Congress to encourage taxpayers to save for the future.
EXPENSE DEDUCTION PLANNING to time or structure deductible expenses to obtain the greatest tax advantages permitted by law.
INCOME PLANNING to time recognition of income where possible to subject that income to the lowest available tax rates.
After the tax filing season, we also offer all clients additional professional income tax planning services to emphasize a proactive approach to managing future savings, deductions, exemptions, tax preferences and income recognition. A professional tax plan puts the taxpayer, not the IRS, in control.
Should a client's return be selected by the IRS for examination, we also offer additional representation services to advocate for the client before the IRS. An authorized representative can even appear instead of the taxpayer at IRS audits and hearings.
Complete Your Tax Organizer Online!
Our Online Interactive Tax Organizer represents a revolutionary change in how we can collect your informatiomn and prepare your tax returns.You can fill in the online organizer from any location. Security of your data is our number 1 priority. All the data hosted on our servers are protected by Firewall, Virus Software and are continually backed up on several secure servers and protected using the highest web based security so that unauthorized parties cannot interpret sensitive, confidential or personal information.
CLICK HERE TO PRINT OR COMPLETE YOUR ORGANIZER (You may still print out the organizer and mail it into the office, if your desire.)
We Can Help Your Business Grow
NOW Offerring a full line of Business Planning & Marketing Services
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