New Business Formations
Start Your Business for Success with our Accountants
Building success begins as soon as your business is formed. At A Affordable Accounting, we help you to start your business on the right foot with our business formation services. When you partner with our accounting firm, you increase chances of your venture’s success, and ensure that you are set up for appropriate tax liability and sustainable growth.
Choosing Your Business’ Structure
The structure of your business can greatly influence the amount you stand to gain or lose from your personal investment, as well as the kinds of compliance standards you will be expected to uphold. Whether you are creating your first business and are looking to limit your personal liability, or increase your stake in profits, we help you consider:
- Sole Proprietorship/ Partnership: The simplest in concept, these two structures allow you and any partners to recoop maximum profit from your company. This option also increases your personal liability, as any amounts owed on income are considered in your individual tax return.
- Limited Liability Partnership (LLP): This common, but more complex, structure involves formalized written agreements with your partner and annual reporting. This is ideal if you are looking to pool experience and a client base with your partner, and protects your personal assets from legal action.
- Limited Liability Company (LLC): Combining the features of sole proprietorship's, partnerships, and LLPs, limited liability companies act as pass-through entities. The profits pass through to be recorded as the owners’ income. Personal liabilities can also be offset by the amount invested into the company.
Establishing Effective Accounting
In addition to helping you choose and file the necessary paperwork for your business structure, we help you establish effective and accurate accounting strategies by implementing bookkeeping methods to accurately report cash flow, among others. Outsourcing accounting and bookkeeping saves you from time-consuming tasks and the need for book cleaning services in the long run, and helps in creating internal controls to protect your company’s security as it grows.
Our accounting professionals also help you to create comprehensive business plans. Early planning helps you attract investors with the necessary capital to provide your new business with a means to grow.