Business Incorporation Services
It’s exciting to start a new business but it’s important to take the time to make the right financial choices at the beginning or productivity will struggle later. In forming your business, if you select the wrong structure, a significant portion of your profits could be lost on taxes. Do not risk making a mistake that might delay your goal of owning a successful, profitable small business. Instead, turn to Abrahams Tax and Accounting Services, a Nationwide firm for guidance. We will direct you to the entity that makes the most sense for your business, so you can reduce your tax liabilities and make more profits.
We do provide other business advisory services, such as business strategy preparation and accounting software configuration, in addition to incorporation services. You must remain focused on a convincing business plan that clearly outlines your business goals and objectives. We will explain how to draft your business plan and what information should be included. Also, we’ll get you set up on QuickBooks so you can organize your books from the onset.
New Business Advisory and Incorporations for Small Businesses
If you are an entrepreneur ready to fulfill your dream of starting your own business, please call us now at (718)-231-6355 and ask for a free initial consultation to learn more.
Tax planning strategies for businesses
Help formulating your business plan
QuickBooks™ setup and support
Common Forms of Incorporation
Do you know and understand the difference between an LLC and a C Corporation? It is confusing for the average person to identify the right business structure. But creating a new business in the United States is much easier with the help of an experienced company such as Abrahams Tax and Accounting Services. We will explain the tax implications of each type of business structure and together we will find the best choice for your new business. Contact us at (718)-231-6355 and arrange for a free initial consultation to start today.
Limited Liability Corporation (LLC)
A Limited Liability Corporation or LLC is a legal form of enterprise that enables you to protect your personal assets against the liabilities of the company. If your business is structured this way the “members” or owners will not have any personal responsibility for the business ‘ financial obligations. The business itself does not report taxes on its profits with an LLC but uses “pass-through” taxation where the income and deductions are reported on the members’ personal income tax returns.
Structuring as a C Corporation has advantages but one drawback is that the company is taxed on profits at two different points (double taxation). When the profits are earned first, and again when the money is distributed as dividends to shareholders. One positive feature is that proprietors are not held personally liable for the business‘ financial obligations.
S Corporations are similar in a number of significant ways to C Corporations except that they are taxed only once on profits. The company itself does not pay taxes but the company’s income is passed on to shareholders, and they are required to report any business income on their own personal tax returns.