Ensure Your Business is Well Organized Right from the Start
Starting or purchasing a new business can be an exciting event. While most new business owners are enthusiastic about performing the primary function of the business, it is the administrative requirements of licensing and registration, taxes, payroll, accounting, and structural planning, that they quickly find overwhelming. Studies show that most startups fail within the first 5 years. Proper initial planning with assistance from experienced professionals is critical for getting off on the right foot and remaining competitive in today’s complex business environments.
Key Considerations for Startups
- Business Structure Planning – Determining the optimum legal structure for your business, whether a partnership, LLC, S-Corporation or a C-Corporation, and evaluating initial tax elections can have a huge impact on taxes and operations down the road.
- Business Taxes – Proper planning, registration and compliance on the front end can help new businesses save taxes and avoid penalties on an array of taxes including income, real and personal property, sales and use, and payroll.
- Accounting – Deciding whether and how best to outsource accounting functions, what software will work best, establishing a proper chart of accounts, choosing appropriate accounting methods, and designing the best overall accounting systems at the onset can help ensure a smooth startup.
- Payroll – Evaluating whether you will insource or outsource payroll, or investigate an employee leasing option is another critical step for business startups. Businesses with employees must ensure they report payroll taxes and unemployment insurance properly in all jurisdictions, have required worker’s compensation coverage, properly classify workers, and meet DOL, ACA healthcare and ERISA requirements.
- And More – Planning and evaluation of a myriad of other key issues including: license requirements, operating budgets, capital lending and finance options, equipment purchasing and leasing, insurance requirements, fringe benefits and retirement plan optimization.
Don’t handicap your new venture. Contact one of our Partners to learn how we can help your business get off to a great start.