Considering establishing your own company? Here are a few tips to help your new venture get off to a smart start.
- Choose the right form for your business.
- Sole proprietorship, partnership, corporation, or limited liability company: your decision will depend on questions such as how many owners the business will have, who will be in control of decision-making, and what liability issues exist.
- Set up a good recordkeeping system.
- A business launch means paperwork, including establishing a business bank account, filing for an employer identification number, acquiring a local occupational license, and maybe registering a fictitious name.
- In addition to these permanent records, you’ll also need to track pre-launch costs and ongoing expenses for tax write-offs.
- Understand tax reporting requirements.
- Depending on how you structure your business, you may need to file a separate tax return each year.
- You might also need to make quarterly estimated tax payments.
- Other tax returns include federal and state forms for reporting sales and employment taxes.
Please call for advice before you open the doors of your new business. We’ll work with your legal, banking, and other advisors to help you establish a good foundation for future success.