Business Startups

What is involved in getting a business setup?

  1. Are you sure you are an Entrepreneur?
  2. If yes to Question 1, do you have a business plan?
  3. Choosing the right tax structure for your new business
  4. Completing all the appropriate paperwork with the State and IRS
  5. What are the costs?

Basic Tax Structures for Your New Business

Sole Proprietor Advantages:

  • Complete Control
  • No corporate tax payments
  • Minimal legal costs to setup
  • Few formal business requirements

Dis-advantages

  • Personally liable for all debts
  • You pay self-employment tax on all profits
  • Limited number of years allowed to be un-profitable
Partnership Advantages:

  • Shared financial commitment
  • Pass-through entity
  • Pool resources amongst Partners
  • Possibly save tax dollars

Dis-advantages

  • Personal liability
  • Disputes
  • You share control of the business
Limited Liability Company Advantages

  • Pass-through entity
  • Different taxing options
  • Possibly save tax dollars
  • Multiple owners or 1
  • Distributions are typically tax free

Disadvantages

  • Must be paid a reasonable salary, cannot completely avoid self-employment tax
  • Federal government looking to change rules
  • Tax filings can be cumbersome
C Corporation Advantages:

  • No personal liability (unless fraud)
  • Can sale stock
  • Deduct cost of benefits

Dis-advantages

  • Takes more money and time to setup
  • Double taxation
  • Possible additional regulations and over-sight

Services Provided

  1. Confirm name availability with State (maximum of 5 attempts)
  2. Prepare Articles of Incorporation or Partnership
  3. Complete paperwork with State and submit
  4. Once approved, file for EIN with the IRS
  5. Depending on business structure, submit appropriate additional documents to the IRS
  6. Order customized corporate kit for company legal records
  7. Compile all legal records and file in company kit
  8. Deliver and explain contents to you

Pricing

LLCs, C Corps, S Corps, & Partnerships

A flat fee of $850 is charged to setup your company.  This fee includes the State charge not to exceed $310 and the cost of the kit.            

Sole Proprietorships

There are no legal documents to file to start your own business under this structure.  It is strongly recommended that you register the business name with the county clerk’s office.  If you require guidance or other general help in getting started, we will charge a flat fee of $200 – this will include the clerk’s cost to record your “dba.”

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