Phenomenal Tax & Accounting Services, LLC understands that many new small business owners are new to principles of business tax law. We can help new business owners choose a business entity that will best t their enterprise, and explain the benefits and drawbacks of various tax structures in plain terms. The skilled tax accountants at Phenomenal Tax & Accounting Services, LLC can suggest optimum tax structures, and can devise strategies that may minimize the tax impact of merger, acquisition, or reorganization transactions, saving businesses a great deal of money.

 

New Business Formation services include:

• Prepare an initial business plan to clarify your marketing, management, and financial plans.

• Determine your start-up capital needs.

• Identify 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 ts your needs by evaluating tax advantages, legal exposure, and ease of operation.

• Select the right accounting software by evaluating your budget, needs and hardware.

• 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.

• Search with the State to determine availability of new company name and reserve the name if needed.

• Develop a solid Partnership Agreement, Operating Agreement, or Bylaws.

• Prepare and file State formation documents.

• Assist with obtaining required state and local licenses and permits for your business.

• Prepare and file your application for your Federal Employer Identification Number.

• Prepare and file S-corporation election with the IRS and the State if needed.

• Assist with opening business bank accounts.

• Identify your business insurance needs.

• Setup a home office so you can maximize your tax deductions.

• Establish billing and collection procedures to maximize your cash ow.

• Establish procedures to monitor and control costs.