New Business Formation Services in Hillsdale
Starting a new business can be an exciting yet unfamiliar experience. Although you're ready to share your passion with your community, there are some financial steps in your journey that can be challenging. We have the experience and skills to help you start your new business and create a solid financial foundation, from tax compliance to proper entity selection.
Our knowledgeable team is skilled at making new business formation a smooth and seamless process for any prospective business owner. Regardless of your experience level, we can help you with critical tasks like tax planning and bank loan application. In addition, we will answer any questions you may have every step of the way.
At the accounting firm of Arthur Sisco, CPA, PC, we are proud to offer supportive new business formation services to Hillsdale, Park Ridge, Westwood, Montvale, and their surrounding communities. Our team is eager to meet you and help you shape your future company. Contact our office today to schedule your consultation!
Reviewing Your Business Plan
Every successful company begins with a comprehensive business plan. Not only will it be the basis for your company's financial operations, but it can show potential investors or partners that it has actionable goals. If you're starting a new business, our Hillsdale team will take the time to sit down with you and discuss details about your company, including your target market and financial aspirations.
We'll put together all the necessary information you need. Whether you require profit and loss projections or overhead cost estimates, our team will help you understand the financial operations needed to keep your business running efficiently. We'll compile all the information into a single document for easy referencing in the future.
Selecting the Right Entity Type
When starting a new business in Hillsdale, one of the first actions you'll take is deciding on its entity type. Before you decide which selection suits you best, you must understand what each one entails. Selecting the ideal entity type can help protect your assets and impact how much money you must pay in taxes. Typically, as a small business grows, it's necessary to change its entity type to better suit its evolving financial needs. Making an informed and predictive decision about your company's entity type from the start can save you valuable time and effort you would have otherwise spent changing it. We'll work with you to select the perfect entity type, as well as get your EIN through the IRS. Business entity types include:
Sole Proprietorship: Businesses owned and operated by a single individual may see a sole proprietorship as the perfect entity type. Although the sole owner is responsible for any liabilities, tax season is a breeze as business and personal expenses are recorded on a single personal tax return. The IRS allows sole proprietors to pay their federal taxes in four equal amounts throughout the year.
Partnership: Just like a sole proprietorship, owners operate the business under an agreement and accept equal accountability for profits and losses in a partnership. Partnerships are typically made up of two or more partners. Each partner reports their share of profits and losses on their tax return.
C Corporation: This entity type allows the company to assume any liabilities, not the owners. C Corp owners must follow strict regulations and guidelines to keep their entity type. Additionally, shareholders pay taxes on corporate profits and dividends.
S Corporation: S corporations pass through their earnings, losses, credits, and deductions to their owners. This entity type features a straightforward transfer of ownership. The tax incentives and liability protection can be appealing options for new business owners.
Limited Liability Company: Limited liability companies are taxed as either sole proprietorships or partnerships depending on the number of owners, also known as members. As an added benefit, a limited liability company has no ownership restrictions, so the members of an LLC may include both individuals and business entities.
How We Can Help with QuickBooks®
Accounting and bookkeeping responsibilities are a sore spot for many new business owners. The processes can be time-consuming and take you away from essential tasks like ordering new inventory and calling vendors. Accounting software can be a valuable tool to streamling bookkeeping and accounting tasks. QuickBooks is an adaptable and user-friendly platform that simplifies handling your back office.
Our Hillsdale business formation services team has extensive experience working with QuickBooks. We will train you and your employees in a step-by-step way to operate the platform and maximize its potential. Additionally, we're always available to answer questions about the software and help troubleshoot issues.
Crucial Tax Guidance
One of the most effective ways to help ensure your company's profitability and success is through taxes. Unfortunately, taxes can be complex and only get more complicated the more successful a business becomes. For years, we've helped new business owners understand how to save money during tax season, and we want to do the same for you.
Our team can help you with tax planning, payroll and sales tax, and employer tax compliance laws. We stay up to date on the latest changes in tax codes and regulations so that you can focus on what matters most. From explaining the difference between 1099 and W2 forms to understanding your deductions, you can rely on us. We're available throughout the year, so you're never more than a phone call away from friendly tax assistance.
Purchasing vs. Leasing Equipment
Every new business owner will eventually ask themselves if they should purchase or lease their company's equipment and facilities. Each option comes with its own set of benefits that should be carefully considered. Our Hillsdale new business formation team always has your best interests in mind and will provide you with valuable guidance on which choice is the right fit for your short and long-term financial goals.
The most apparent advantage to purchasing equipment is lifetime ownership. This can be helpful for equipment that isn't expected to become outdated soon, including office furniture and farm machinery. Purchased equipment comes with tax breaks that can benefit your company financially.
Leasing equipment can be an excellent option if you're looking to preserve capital and gain flexibility. One of the best parts about renting equipment is its low cost to acquire. Leased eqipment rarely requires a down payment, which further protects your cash flow. Also, the equipment can usually be deducted from your taxes as a business expense. Furthermore, leased equipment has flexible terms that can be advantageous for more extended payments at lower costs.
Dependable Hillsdale New Business Formation Services
At the accounting firm of Arthur Sisco, CPA, PC, we appreciate the trust you place in us. We strive to provide your company with a sturdy financial foundation to help it succeed for years to come. We're proud to offer our new business formation services to Hillsdale and its surrounding communities. Call our office today to schedule your consultation!