Starting a business
Starting a new business can be an incredibly rewarding professional endeavor. Get the structure in place to ensure you are positioned for success and protected from personal risk.
Starting a new business can be an incredibly rewarding professional endeavor. Get the structure in place to ensure you are positioned for success and protected from personal risk.
What you need to know
Key steps to consider, common mistakes, and services that can help you plan for now and for your future
1. Assess Costs and Personal Liability
Startup costs and potential funding needs for your business entity should be accounted for in advance in order to limit risk and ensure accurate budgeting.
2. Determine the Optimal Business Structure
Identify whether a sole proprietorship, partnership, Limited Liability Company (LLC), C-corporation or S-corporation is the right fit for your business.
3. Identify Tax Opportunities
State and federal regulations for taxes, but also licensing and zoning rules, will all apply to your new business tax planning. Certain tax credits such as QSBS can be helpful as well.
4. Set Up Insurance
Securing sufficient insurance coverage is necessary before a company opens its doors to reduce the risk of substantial financial damage.
Common Mistakes
-
fundingInsufficient funding to launch business
-
Business x personal taxes
Misunderstanding business and personal tax rules
-
financial risk
Taking on unknown personal financial risk
What services should I consider?
When starting a new business, finding the right help can be your greatest asset. Consider these services to ensure you and your business are positioned for success and protected from personal risk.
First: Business Tax Planning
Corporate structure
Evaluate the tradeoffs of the different structures for your business
QSBS
Access lower or no taxes on your company’s growth if you qualify for Qualified Small Business Stock (QSBS).
Next: Wealth management
Lifestyle planning
Recalibrate your expected income, risk tolerance, and personal costs and budgeting based on your changing financial situation.
Holistic financial strategy
Plan your personal short- and long-term investment strategies and goals around your potential business outcomes.
Looking ahead: Estate Planning
Lower risk
Mitigate your personal liability and overall business risk in areas including personnel, insurance, and your family’s liability.
Complex situation
Work with an attorney if you have a large estate ($20M+), live in a state with estate taxes below the federal level, or you expect that the value of your new company may rise significantly in the future.
The next best step for your business is better advice
Tell us about your goals and your business
We’ll recommend specialized services and advisors
Stay connected to great advice with great tech
