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New Business Formation
New Business Formation.png

Thinking of owning your own business? Opening your own business is exciting and thrilling. It’s everything that comes after the excitement that dictates whether a small business will make it or not. An action plan is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. Phenomenal Tax & Accounting Services, LLC offers New Business Formation services that help you avoid the common pitfalls that many new small business owners make when starting their new venture. Our services will help you manage the lowest possible tax exposure while also guiding you on how to best take distributions from your company.

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.

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