Incorporation and New Business Advisory Services
Incorporation is only one piece in the project of building a business. Being successful in business means continually seeking ways to manage tax obligations, limit expenses, and increase profits. Turman & Eimer LLP offers new businesses the incorporation and advisory services to start an operation off on the right foot.
Identifying the best structure for your new business will create a strong foundation for minimizing taxes and encouraging profitability. We'll explain the options for structuring your business in terms you can understand, recommend the entity that will benefit your business, and coordinate with your overall tax plan.
To simplify the business formation and incorporation process for new and developing businesses, our CPA firm provides the following services:
- Entity selection and business formation
- Incorporation
- Business plan development
- Loan assistance and support
- Bookkeeping and payroll
- Cash flow projections
- New business consulting
Our goal is to simplify the start-up and development phases so you can focus more of your attention on growing your business.
We provide a FREE consultation to select the right structure for YOUR company. Significant tax savings can be achieved based on the nature of your business and the structure of your company. Our goal is to help you select the right structure and then realize the tax savings each year going forward.
Our clients typically save taxes each year by using this two-step strategy:
- Choosing and maintaining the right type of structure (S corporation, C corporation, Partnership or LLC) for your business.
- Implementing our ongoing quarterly tax planning services to secure the best possible tax position for the available benefits.
Many existing business owners come to us with previously formed corporations or Limited Liability Companies (LLC) but are not taking advantage of the "built in" tax benefits. Effective tax planning and coordination often puts money into your pocket.
What Type of Business Should I Form?
Do you know the difference between a C Corporation and an LLC? Identifying the right business structure is confusing for the average person. Forming a new business is much easier with the assistance of an experienced CPA firm like Turman & Eimer LLP. We'll explain the tax consequences related to each type of business structure and together we'll find the best choice for your new business. Contact us at 516-868-4877 and set up a free initial consultation today to get started.
Limited Liability Company (LLC)
A Limited Liability Company or LLC is a legal form of company that allows you to protect your personal assets from the company's liabilities. If your business is structured this way, the "members" or owners will have no personal responsibility for the financial obligations of the business. With an LLC, the business itself does not report taxes on its profits but uses "pass-through" taxation where the income and deductions are reported on the personal income tax returns of the members.
C Corporation
There are benefits to structuring as a C Corporation but one drawback is that the business is taxed on profits at two different points (double taxation). First when the profits are earned and again when the money is distributed to shareholders as dividends. One positive feature is that the owners are not held personally liable for the financial obligations of the business.
S Corporation
S Corporations are similar to C Corporations in a number of significant ways except that they are only taxed on the profits once. The company itself does not pay taxes but the income from the company is passed through to shareholders and they are required to report any income from the business on their own personal tax returns.
We offer a FREE initial consultation to help you choose the right structure and ensure that you minimize your taxes. Call us at 516-868-4877 and ask for Douglas Mirman to discuss your specific needs.