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New Business Formation

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New Business Formation Consultation

Opening your own business is exciting and 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. Akram & Associates has 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:

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

  2. Determine your start-up capital needs, including sources of start-up capital and backup sources if needed

  3. Evaluate and quantify your borrowing power, so you know how much money you can get your hands on, if needed

  4. Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability

  5. 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

  6. Establish procedures to monitor and control costs and setup a home office, so you can maximize your tax deductions

  7. Prepare and file all required state and local licenses and permits, including your Federal Employer Identification Number

  8. 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 toll-free at 844-386-3829, or use the form on this page to schedule a consultation. 

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