Starting a new business may not seem very complicated if you are a veteran, but if you haven’t done it before, you’re going to have a lot of questions.
First you will have to choose an entity type.
- Should your business be organized as a proprietorship, partnership, a C-Corporation, a subchapter S corporation, or a limited liability company? Each form has cost and operational advantages and disadvantages.
- Is there an advantage to incorporating in one state versus another?
- How should the business entity be capitalized and how much capital will be needed?
- If a business is formed in one state, Pennsylvania for example, can it do business in another state?
- What kind of local or city registrations, license, and permits will be required?
- How is a taxpayer identification number obtained?
- Should hired help be treated as employees or independent contractors?
- How should cost incurred prior to the formation of the business entity be treated?
- What kind of records should be maintained during the period of organization and startup?
- What kind of books and records will be required once the business is operational?
- How can the business accounting and administrative cost be minimized during the period of startup and thereafter?
There are no standard answers to these questions. We would like to help you get started. We will do more than advise you, we will provide you with options, explain the advantages and disadvantages, and lead you to informed decisions.