Mar 20, 2023
There is no more exciting (and often nerve-wracking) time in your life than when you decide to start a new business. The possibilities of what you can achieve are endless. You can see how it will come together, the product or services you will provide, how to find the best clients, and how to best service them. You are probably flying high on the daydream and how you can make it happen!
Before you can make this dream a reality, there are many details to tend to, the first and most important being what type of business entity this new company should be. Because the type of business entity you choose will have far-reaching pros, cons, and requirements, we always recommend that you meet with your trusted advisor, whether that be your attorney or CPA, to discuss your vision for the company. They will be able to convert your idea of the business into a business entity model that will give you the most tax advantages while not overburdening you with annual entity requirements that are non-essential.
Once that is decided, you have to identify the steps that need to be taken to ensure you start the company off on the right foot. For a simple sole proprietorship, the steps required to register the entity properly with the IRS and State are significantly less than establishing a Corporation. However, to register your business properly, you must make sure that not only is the entity itself registered properly to be officially recognized by the IRS and State, but that all the ancillary requirements are also tended to: sales tax, payroll, professional licenses, etc. The easiest way to ensure your business is registered properly is to hire a professional organization to tend to it for you. BUT, as with anything else, who you hire to take these crucial steps on your behalf can make or break the future of your business.
When deciding on a professional to handle your business’ registration, make sure they will not just handle the bare minimum of filing a business registration with the State and submitting a request for an Employer Identification Number with the IRS. Make sure they know, based on your vision of the business, what, specifically, your business entity must register for. If they do not offer to handle all the requirements, they probably are not the best company for the job.
Unfortunately, we have had many clients come across our desk needing to have their company’s original registration fixed… and it is usually several years into their company operating! You can imagine the nightmare of getting the State to correct a registration when the original paperwork had two numbers in the business’ Employer Identification Number transposed. And you can only guess the tax bill acquired after a plumber had been operating in the State of New York for two years without anyone telling him that his services required him to charge sales tax to his customers. Trying to correct these issues and deal with the fallout of additional or erroneous tax assessments, penalties, and interest for a newer business can be devastating.
When the Golden Lion Tax Solutions team is hired to form a new business for a client, we spend time with the client to talk about the entire vision. We want to ensure your attorney or CPA is aware of the business and that their guidance for the business entity structure is followed. We talk about the types of products or services you will offer, the industry you will be in, if you will need employees and how many, and how your potential clients will find you. We want to know everything we can so we can identify every possible registration or license you will need with both the IRS and the State.
With the handling of your business registrations, we provide you guidance on how to meet all the annual, quarterly, and sometimes monthly filing requirements the business will have. While we will move through the process as quickly as possible, we also want to make sure we tend to every need your business will have so we can prevent any potential problems in the future. We will also make sure you have a team of professional resources to help you with all your business needs. Running a business can be exhausting, but the more help you have on your side, the smoother everything will run from day one.
With the Golden Lion Tax Solutions team, you can rest assured that you will be in good hands that will guideword you through the entire process one step at a time. And if you want help beyond the initial registration of your new business, we also offer monitoring services for the first year of operation. We pride ourselves in setting you and your business up for success! So, if you have been thinking of starting a business or changing the structure of a current business, call us today so we can make your dream a reality.
Trust. Protection. Wisdom.
Your future and your family deserve the right protection. Golden Lion Tax Solutions will be your advisor and confidant throughout the entire journey. We guarantee to offer you or your business best-case solutions for your tax debt. We are by your side every step of the way. Start now and get your life back.
For help with your tax debts, email email@example.com or call 833-LION-TAX (833-546-6829)
Disclaimer: There are requirements that must be satisfied in order to qualify for some of the tax solutions we discuss on our website. Not all of our services will be suitable for every client. Golden Lion Tax Solutions is here to help you find the most appropriate solution to fit your situation.