New Business Startup Services in Queensbury
You've dreamed for years of opening a business in the industry you love. You have a passion that drives you, and you're finally ready to take the first steps on the journey. However, opening a new business can be a daunting task, even for those familiar with the process. Whittemore, Dowen & Ricciardelli, LLP is ready to back your dreams with comprehensive business startup services. We have top tier talent and the internal resources to provide a large firm experience balanced with personalized service.
There's a lot of work involved in forming a new venture, but don't let the miles of red tape and mountains of responsibilities intimidate you. Whittemore, Dowen & Ricciardelli, LLP can help you navigate these obstacles and make the decisions that give your business the edge it needs to succeed. From the day you open your doors to planning your retirement, we'll be with you every step of the way. Call our Queensbury or Saratoga location today for your consultation!
Draft a Plan for Your Startup
One of the most crucial steps in forming a new business is developing a healthy business plan. This is the playbook that all your operations will be based on and the pitch you show to potential partners and investors.
Whittemore, Dowen & Ricciardelli, LLP helps you put together the necessary information, such as branding, product, profit & loss projections, and overhead costs. We compile them all into a single document that contains all the data you'll need for reference.
Establish a Business Structure
Another vital aspect of business formation is deciding on the type of business entity you want. This choice will impact how your business is taxed and how those taxes are paid. Are you planning to be a publicly-traded company? Is your business a service solely provided by you? How many employees will you have? All these questions are essential, and the answer will be the main factor in settling on which entity is best for you.
Our team can help you select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation, and portability should you need to relocate. Some of your entity options include:
Sole Proprietors and Partnerships: These businesses usually have one or two owners and are unincorporated. Consultants and freelancers are sole proprietors and file one tax return instead of separate business and personal returns. Partnerships must file returns and report gains and losses, but the income tax paid by the partners individually. Both of these entities can leave your personal assets at risk if there is a lawsuit.
Limited Liability Companies (LLCs): As pass-through entities, limited liability companies can pay taxes through the owner's return and avoid corporate tax. However, unlike sole proprietors and partnerships, these structures benefit from liability safeguards that keep partners separated from any liabilities accrued by the business.
Corporations: These are the favored structure for bigger businesses and are deemed a separate legal entity from the owners. This status provides liability safeguards of your assets, but profits can be taxed twice, first when revenue comes in and again when dividends are paid.
The company is taxed based on income and profits, while distributions and revenue are taxed again on the stock and shareholders individuals' returns. However, this will allow public trading of the company and open new possibilities for revenue sources.
Choosing the best entity type and keeping your accounts in order is essential for keeping your business profitable and thriving. Maybe you have a small business that would benefit more as an LLC than a sole proprietorship. On the other hand, you could have a larger company ready to step into a C corporation. Regardless of your current entity structure, Whittemore, Dowen & Ricciardelli, LLP can analyze your business and finances and help you determine if a change is needed.
Accounting Services for Your Startup
Whether you have a brick-and-mortar store or an online business, Whittemore, Dowen & Ricciardelli, LLP can show you how to establish reliable accounting processes. We focus on organizing and streamlining your new business startup from payroll and bookkeeping to taxes and budgeting.
We help you:
Start Right with Our Queensbury Business Startup Services
Whittemore, Dowen & Ricciardelli, LLP strives to provide the most effective services for you and your startup business. Our experience and expertise give us the skills needed to guide you through every step as you embark on your entrepreneurship journey. Contact our Queensbury firm today to schedule a consultation and start on the path to your goals!