Are you aware of the critical financial decisions you will confront in starting your new business? Whether through purchase of an existing business or establishing a new entity, these financial decisions have far reaching impacts. It is critical to surround yourself with a quality team of advisors from the start of this process. This group normally includes an accountant, banker, attorney, insurance agent, marketing consultant and payroll service provider. In assembling this team, the best place to start is with friends and business associates who can provide quality referrals. The right person in each position on your team can save you vast amounts of time and energy while providing cost effective solutions to the hurdles you face each day.
A critical decision you will make at the onset will be the type of entity structure you will operate your business. The main alternatives available to you consist of a sole proprietorship, a single member-owner LLC, multiple member LLC, partnerships, S-Corporations and C- Corporations. The tax aspects, tax filing requirements and insulation from liability are unique to each of these entities. The selection of the appropriate entity structure through the business transition phases is a key success factor. Minimizing income, state and local tax costs while maximizing after-tax cash flows for use in your business development and growth can best be accomplished within the right business structure. Let your business advisory team assist you when evaluating these alternatives in making the right choice for your business.
The creation of an accurate financial accounting and reporting system from the initiation of your business represents another financial objective you should have. Developing a system that incorporates the financial budgets and expectations contained in your business plan while capturing revenues, expenses and cash flow activities from the beginning will help ensure that timely and accurate financial information is available. Management decisions can be based on accurate financial and operating results while avoiding costly mistakes. Let our team of quality Intuit certified, QuickBooks ProAdvisors work with you in developing this system.
Setting up your business can be a time-consuming and a stressful experience. Registrations, acquiring licenses, payroll and income tax compliance filings, set-up and maintenance of internal financial accounting and reporting systems are just a few of the myriad of tasks you will face. Establishing a team of quality advisors on the front end will provide an environment where accurate and efficient decision making and business success can be achieved. Please contact us if we can be a part of your team.
About Blackman & Sloop CPAs, P.A. :
Blackman & Sloop is a full-service CPA firm headquartered in Chapel Hill, North Carolina and is actively involved in auditing, taxation, management consulting, financial planning, and related services. The firm directs a large part of its services toward providing management with advice on budgeting, forecasts, projections, financing decisions, financial analysis, and tax developments. The firm also performs review and compilation services and prepares not-for-profit, corporate, individual, estate, retirement plan, and trust tax returns as well as technology consulting services regarding installation and training on QuickBooks. Blackman & Sloop provides services in Raleigh, Durham, Chapel Hill, RTP, Hillsborough, Pittsboro, Charlotte, and the rest of North Carolina. To find out more please visit http://www.blackmansloop.com
Contact: CPA cpa@blackmansloop.com
Toll Free: 1-877-854-7530 The Exchange West 1414 Raleigh Rd, Suite 300 Chapel Hill, NC 27517