New Business Formation in Athens
Starting a new business is exciting and challenging. Success often depends on how you start, and whether you have an advisor that can guide you through the initial phases of ownership. Turner and Patat, PC provides the services and expertise new owners need to achieve success.
Determine Your Business Structure
The experienced accountants at Turner and Patat, PC will help you declare a business entity that meets your needs as an entrepreneur. We consider the complex legal matters and tax regulations that influence this decision so that you can apply your focus elsewhere.
Choosing a business structure is an important step. Your entity has a significant influence on the business as a whole, from day-to-day operations to how to file your taxes.
Some common business entities are:
Sole Proprietorship - As a sole proprietor, you are your business. There is no legal distinction between you and the services your business provides. As such, you are responsible for 100% of the taxes due on your profits and are liable for all payments owed by the company.
Limited Liability Company - LLC’s help you keep your assets protected by legally separating them from business assets. LLCs are known as ‘pass-through’ entities, called so because all profits pass through to the owner, who pays the business’ taxes on their return.
Corporations – This is the most common entity in the US and offers unlimited growth in stocks and has no shareholder limit. C Corps have more regulations and can be expensive to launch.
Consulting Services for New Businesses
With the foundations for your new company established, you can make important decisions regarding daily business operations, including office space, equipment, and accounting practices. Our business consultants meet with clients to determine leasing options, how many employees are expected to help run the company, and the projections for profit. These factors help our team develop a tax filing and accounting strategy that minimizes liability and helps you achieve your goals.
The choices you make in the beginning stages of ownership set your course for the future. At Turner and Patat, PC, we work alongside first-time owners, guiding them through every step of formation. If you need help choosing a tax entity or determining internal processes for your emerging company, we offer expert insight and advisory. Contact our Athens start-up specialists today for a consultation.
At Turner and Patat, PC, we've been serving the accounting needs of Athens, GA and the surrounding areas since 1983. If you need help managing any aspect of your home or business's finances, we want to hear from you.
Please fill out this form and let us know how we can be of service. Our initial consultation will determine how we can best serve you.
We look forward to working together!