Business Start Up
Starting a Business? Consult Koontz & Parkin, CPAs to Discuss First Steps
If you are starting your own business, there are certain legal and financial steps you must take. Choosing the right business structure is essential for your company’s financial foundation. There are certain regulatory steps you must take to prevent future legal issues. Fortunately, Sarasota tax attorney Jo Ann M. Koontz and CPA Marina Parkin can help by offering business formation services.
Koontz & Parkin CPAs will assist you in choosing the proper business structure while meeting the proper regulatory measures. In addition, the Koontz & Parkin team can advise you on tax regulations and help you organize your business to take advantage of available tax incentives and deductions.
Determine the Best Business Structure for Your Company
One of the most important things you can do to ensure the success of your new business is to choose an appropriate business structure. To protect yourself, it is essential that you choose the right business structure. In addition, each business structure has its own advantages and disadvantages when it comes to taxation. The four basic business structure options are:
- Sole proprietorship – This business model is the easiest and quickest to set up. However, it leaves you completely liable for the company’s actions and does not offer as many tax benefits as other business structures.
- Partnership – Partnerships require more than one owner and are fairly easy to set up, but there is still greater liability involved in a partnership than in other business models. Partnerships offer significant tax benefits since individual partners are taxed, rather than the company.
- Limited Liability Company – Otherwise known as an LLC, many business experts consider this the best business model for small, start-up companies. This structure protects members from liability while still allowing them to be involved in the everyday running of the business.
- Corporation – Corporations are registered with the state and are director or officer managed. There are specific rules for the formation and operation of a corporation. Shareholders are not personally liable for the debts and obligations of the corporation.
Registration and Licensing
When you start your own company, there are certain licenses you must obtain and registrations you must complete. Neglecting one of these vital steps may cause considerable legal issues, fines, and penalties in the future. Sarasota’s accounting firm of Koontz & Parkin, CPAs will guide you through the complicated process of registration and licensing, including:
- Naming your business and checking its availability through Florida’s Secretary of State Division of Corporations Entity Name Registration
- Determining any regulations or licensing requirements pertaining to your business under Florida state law
- Registering with the Florida Department of State, Division of Corporations
- Applying for a Federal Tax ID Number
- Registering with the appropriate tax authorities for payroll and income tax, sales tax, tangible tax and employment tax
- Making a timely S-Election if S Corporation tax structure is selected
Business Stability and Financial Success
In addition to legal requirements and registration, Koontz & Parkin, CPAs can advise you on structuring your business for stability and financial success. You can receive assistance in the following areas:
- Developing internal agreements for an LLC, partnership, corporation
- Establishing an accounting system
- Suggesting business liability insurance
- Determining whether workers are properly classified as employees or contractors
- Hiring employees
- Determining how to handle start-up costs
- Maximizing deductions and incentives
- Budgeting and forecasting sales and revenue
Call Koontz & Parkin, CPAs for Business Start-up Tax Services in the Sarasota-Bradenton Area
Jo Ann M. Koontz and Marina Parkin offer a powerful combination of in-depth knowledge of tax regulations and years of experience in business. To schedule a consultation, call the Sarasota office of Koontz & Parkin, CPAs at 941.328.3993.