Business Start Up
Starting a Business
Starting a business can be the most exciting, frightening, stressful, and fun experience. Knowing the steps from idea to launch is a get place to start. Knowing who can help answer questions, get help, and assist means you get started off on the right foot. Whether you are starting from scratch or buying assets from another company Assurance CPA is here to help.
Wonder if QuickBooks is best or should you file a tax return for the business with your 1040 tax return. What about payroll or contract labor. We are here to help, let’s talk about identifying the correct business structure, navigating the setup process, and understanding the tax filing requirements. Here are some steps to help get you thinking and a few links to provide additional information
Step 1.
Do Your Research – Finding out if your business idea has a market or the competition can be valuable.
Step 2.
Make a Plan Outlining the plan for your business from the idea and marketing to first dollar earned will help others see your vision. This will also help identify the commitment needed and money required to get your business off the ground and flying.
Step 3.
Plan Your Finances Knowing not only your money needs but the needs of your business will help you not fail due to lack of money. If you are looking to get funding from angel investors or a bank loan, having a business and financial plans will help others see the viability of the new business.
Step 4.
Choose a Business Structure Getting off on the right foot with the correct tax structure will save you a headache when it comes to tax time. Contact us to help.
Step 5.
Pick and Register Your Business Name Spending some time to think about your business image and product will avoid rebranding down the road.
Step 6.
Obtain Tax Identification Numbers Every government agencies use tax numbers to identify and track business and their required tax reporting. While it can be complex and daunting, just remember we are here to help.
Step 7.
Get Licenses, Permits and Insurance Make sure your business is able to open and conduct business with the correct licenses and permits. Also make sure your new venture has the appropriate insurance to cover unexpected events.
Step 8.
Choose Your Accounting System The basis of all accounting system is to report the monetary activity of the business. The system can be complex or simple but it should fit the business and we can help walk you through getting started on the right system.