New Business Formation
Opening your own business can be thrilling. A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. There are many factors to consider, from business type to tax implications. Our team the background and expertise to help you make your decision. We will help you form your business and avoid the common pitfalls that many new small business owners encounter when starting their new venture.
Structuring for Success
There's a lot to consider in starting your own business: developing a business plan, obtaining sufficient funding, marketing and a host of other concerns. Also critical is determining the organizational structure that best suits the business, because it will impact operating efficiency, the way you report income, the taxes you pay and your personal liability.
There are four basic types to choose from:
- Sole Proprietorship
- Partnership - General and Limited
- Corporation - S Corporation and C Corporation
- Limited Liability Company (LLC)
We help you:
Prepare an initial business plan to clarify your marketing, management, and financial plans
Determine your start-up capital needs, including sources of start-up capital and backup sources if needed
Evaluate and quantify your borrowing power, so you know how much money you can get your hands on, if needed
Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability
Prepare a Cash Flow Budget, so you know exactly how much money you need to keep the business alive each month for the first few years - Unplanned cash requirements are always emotionally painful
Establish procedures to monitor and control costs and setup a home office, so you can maximize your tax deductions
Prepare and file all required state and local licenses and permits, including your Federal Employer Identification Number
Provide payroll and payroll tax filing when you bring on your first employee, comply with employment laws, and identify business insurance needs, so you don't get hit with fines and unhappy employees
Contact Us Today. We're Here to Help.
If you would like more information about how we can help you achieve your entrepreneurial goals, call us, or use the form on this page to schedule a consultation.
Best Accounting Firm | Start-up & Emerging Funds
Akram is a winner in the Hedgeweek Americas Awards for consecutive 3 years 2021, 2022 and 2023
"We have been voted “Best Accounting Firm Start-up & Emerging Funds”.
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We understand that clients in the Alternative Investments arena are extremely prudent. At Akram, we provide high-end, tailored fund accounting services with careful planning and an unmatched responsiveness that only a boutique accounting firm like ours can deliver. Contact us today to learn more about our specialized assurance, advisory, and tax services for hedge funds, commodity trading advisors, private equity and venture capital funds, digital asset funds, insurance dedicated funds, real estate funds, day traders, investors, family offices, and high net worth individuals.