There's much more to starting a new business than renting space or reserving a domain name. Failing to seek proper advice can lead to legal and financial consequences, and even sink your new venture before it ever gets off the ground.
Reston CPA firm Monarch CPA Services has the knowledge and experience to help you make the right decisions from the beginning. With our expert guidance, you’ll choose the best type of entity and the best state under which to incorporate, file the appropriate start-up documents, establish a tax plan, set up financial systems, ensure Social Security compliance, and provide for health insurance and other employee benefits.
The type of entity under which you incorporate has enormous implications for a new business. Monarch CPA Services can explain the pertinent tax and legal issues and help you determine the best choice for your venture. Here is a brief rundown of several common forms of incorporation.
A corporation is a separate legal entity in which the owners or shareholders have no personal liability for its obligations. There are two types:
An LLP is comprised of two types of partners. General partners have management authority as well as personal liability for the firm’s obligations, while limited partners are simply cash investors with no management authority and liability for only the amount they have invested. An LLP is not a separate tax-paying entity and often is formed with a C or S corporation as a general partnership.
An LLC requires an organizational agreement similar to a partnership agreement and must file articles of organization with the Secretary of State. The owners or members are shielded from personal liability for the company’s obligations. An LLC may be taxed as a partnership, so its members must report income and deductions on their individual tax returns.
We'll be happy to meet with you at no cost or obligation to introduce our firm and discuss how partnering with Monarch CPA Services can get your new business off to a great start. Call us at 703-995-5522 to set up an appointment or request a consultation through our website.