When getting a business off the ground, independent professionals and business owners have so many things to consider to get started on the right foot.
At Master Accounting, we provide expert guidance to help you choose which business entity would best fit you in addition to start up business consultation covering key areas like accounting, financial reporting, taxes, payroll, and more.
Start Up Business Consultation Services
Are you considering going into business for yourself? Starting a business is an exciting proposition and a thrilling challenge. There are many decisions, details, and options to consider. We have the expertise to assist you in making strategic decisions as you work through the various aspects of starting your business.
We understand the issues a new business can face and can help you establish practices like accurate record keeping, reporting, and procedures necessary to launch your business successfully. We have the expertise to assist you in making strategic decisions as you work through the various aspects of starting your business. From entity selection to selecting a payroll services, and from guidance in obtaining financing to making determinations whether to buy or lease equipment, our professionals look at the big picture while still paying attention to the details that make a difference.
We help you every step of the way by offering assistance with the following:
Accounting / Finances
Small business owners are often faced with accounting tasks that are dealt with by special departments in larger organizations. Accounting can be daunting to deal with on your own, but we can help walk you step-by-step through the process to ensure that your business’s finances are effectively managed and monitored. We accomplish this by:
- Establishing internal accounting processes
- Choosing a financial reporting software application that fits your unique needs
Taxes
As a business owner, it’s important to understand the rules regarding business taxes you are responsible for paying. For example, if you have employees, you will need to pay payroll taxes on their earnings. Many states also require that business owners pay sales tax for services and goods upon purchase. Failing to manage the taxes you are required to pay can result in heavy fines. Our tax experts can help you determine, collect, and pay taxes including:
- Sales tax
- Payroll tax
Payroll
When dealing with payroll, there are many boxes to check. From timesheets to payroll reports to taxes, we can help you Identify appropriate services needed, including:
- Payroll frequency
- Payroll processing and reporting
- Payroll taxes
Business Entity Formation
One of the first decisions an entrepreneur must make is which business entity is best for their organization. This choice is very important, as different legal structures have far-reaching legal and tax implications which can affect the business.
To make an educated decision, business owners must understand their choices. We have enormous amount of knowledge and experience to help you make a well-informed decision in choosing the right business entity that fits your goals and visions.
Choosing a Business Entity
One of an entrepreneur’s first tasks is to determine which business entity is the best fit. The guiding concerns in choosing the appropriate business entity are:
- Liability
- Ease of formation and operation
- Taxation
- Suitability to a business purpose
- Suitability for expansion
- Ease of sale, termination, or dissolution
Types of Business Entities
The choices among business entities are numerous and have even grown wider in more recent years with the advent of the limited liability company and the limited liability partnership. When making a decision on which entity is best for you, make sure you have a long term vision in mind for your business.
The basic and most used business entity choices are:
- Sole Proprietorship
- General Partnership
- Limited Partnership
- Limited Liability Partnership
- Limited Liability Company
- Corporation (Close, Professional, and S)
Entity Formation
Once you have been educated on all your options regarding the different business entities, we can help you:
- Determine the type of entity that’s right for you
- File the necessary paperwork to form your new entity
- Obtain your EIN number
- Publish your Articles
Small Business Services for Business Owners and Independent Professionals in Tempe, AZ
At Master Accounting, we specialize in helping entrepreneurs get their businesses up and running successfully with tailored small business consultations and business entity formation.
For over 20+ years, we have been partnering with business owners to give them peace of mind and the tools needed to get their startups off the ground. Contact us today to find out how we can help you!
