Business Start Up Issues
When forming a business the entrepreneur has numerous questions and concerns. The issues may seem overwhelming and complex.
Some of the common issues are:
- Shall I incorporate or not?
- If I incorporate should I be a subchapter C or S corp?
- Is an LLC right for me?
- How will my taxes be dependent on the choice of business entity?
- What do I need to do if I hire employees?
- How will I pay my taxes?
- How do I keep good records for management and tax reporting purposes?
- What method of accounting should I choose?
What are the right choices? Oftentimes, there is no one single solution to these questions because they vary based on each individual situation.
We can guide and assist you in making these choices so that a sound business decision is reached.
It is crucial for you and your business to get off to a good start and be prepared. While you may be good at the field you work in, we can support you in areas that require our expertise.
Buying/Selling a Business
When buying or selling a business there are a variety of questions and matters that need to be addressed. Your perspective on these matters will depend on which side of the transaction you are on. Common questions are:
- Should I buy the assets or the stock of the business?
- How should the acquisition/sale be financed?
- How is value assigned to the assets that were bought/sold for tax purposes?
- What are the tax advantages or disadvantages of the purchase/sale method I chose?
Whether you are buying or selling a business we can help you answer these questions. We can assist you as an advisor throughout the entire process and direct you to a legal specialist, if needed to assist you with the transaction.
Planning, Forecasting and Budgeting
Interpreting the Past and Forecasting the Future
Often in business you may find yourself saying, if I only knew what I know now! We can’t predict the future, but we can help you plan for it.
The business owner or individual may have the following questions in mind:
Individuals
- Am I withholding enough taxes for the year?
- Should I contribute to my retirement plan?
- I am going to pay some loans off, what are the tax advantages or disadvantages of doing so?
- Am I getting all the deductions I am entitled to?
Businesses
- How do I interpret my accounting reports?
- Where am I spending my money and how can I budget better?
- What areas of my business are the most profitable, which are not?
- Should I buy or lease new equipment?
We can assist you with analyzing why you had the result you did and what plans you can make to strengthen your company’s financial future. We can also make you aware of any tax surprises that may come up, good or bad, so that you will not be caught with your guard down.