Helping New Business Startups in Stevenson Ranch
Starting a new business is full of excitement and challenges. John E. Bennett CPA has assisted countless companies get started on the right foot, ensuring you're set up for success and begin on a firm financial foundation. Our goal is to help you determine the correct processes to implement into your business to facilitate future growth.
We make sure you have the information you need to make informed decisions for financial success when starting your business. Our Stevenson Ranch business startup expert has the knowledge you need to begin maximizing your profits from the moment you open your doors. Whether your new venture is in Stevenson Ranch or one of our surrounding communities, you can count on us to support your success. Contact us today for your free initial consultation.
Picking the Correct Business Entity
What entity you choose for your business will significantly affect your tax obligations and how you manage your income. Our Stevenson Ranch business startup expert can assess your business plan and goals to ensure the entity supports maximum profits right from the beginning. The different entities you can choose from include:
Sole proprietorship is a simple business entity to establish and works well if you are looking to own and operate your business yourself. For simplicity and ease, you'll be able to combine your business' income with your personal income on your tax returns. As an unincorporated entity, you will also be responsible for all liabilities because your business is not a separate legal entity.
Partnerships are when you and two or more other people sign a written agreement to share in the ownership, responsibilities, and business management. This includes sharing the profits and losses of the company. When filing taxes, each partner will be responsible for reporting their share of the profits and losses.
C Corporation creates a separate tax entity from the owner. This limits your liability as the owner, so you are not personally liable for the entity's losses. The profits from the business are also taxed on a corporate and personal level.
S Corporation is often appealing to new businesses because it limits liabilities while also allowing the business' income to go to the owner and shareholders without being subject to federal corporate taxes. Your business must meet and adhere to specific Internal Revenue Code requirements in order to be eligible for this entity.
Limited Liability Company is much like a sole proprietorship but with the added benefit of limiting the liabilities of the owner. By combining the characteristics of a corporation with partnerships or sole proprietorship, you will not be liable for your business' losses.
QuickBooks® for Accounting Setup
All businesses need to be able to keep their numbers accounted for and accurate. QuickBooks can make this easier. We will assess your needs and then help you set up either the online or desktop versions of the software. Once in place, our CPA can train you or someone on your team to use the program for maximum effectiveness. By continuously reviewing your processes, we ensure you are taking advantage of everything the software can do to save you time, energy, and money.
Tax Planning for the Future
Though Tax Day only comes once a year, you need to consider and plan throughout the year. Our Stevenson Ranch business startup specialist will explain all the credits and liabilities that will affect your company. We do this to ensure you're prepared to make beneficial tax decisions. We will also review exactly what a deductible is and what it is not to maximize your return.
Making Sure You Don't Miss the Little Things
Seeing the big picture ensures that you don't miss anything along the way as you start running your business. There are many things to consider, and we're here to guide you through them all. Some of the items you want to think about are:
Your Stevenson Ranch New Business Startup Expert
John E. Bennett CPA works hard for you so you can start in the best financial position possible. Our goal is to be the partner you can trust to assist in building solid economic foundations that will protect and grow your wealth. There's a lot to consider when starting a business, and we're here to take on as many of the financial tasks you need and to keep you informed on all regulations. Whether you're looking for a business startup expert in Stevenson Ranch or one of our surrounding communities, we do everything we can to save time and money. Contact us today for your free initial consultation.