Business Formation
Starting a business is exciting but choosing the right legal structure is critical. It affects how you’re taxed, protected, and allowed to operate.
A smart formation plan helps you stay compliant and avoid costly issues later.
Here’s What You Need to Set Up
🔸 Choose a Business Structure Sole Prop, LLC, S Corp, or C Corp each has different rules for taxes, liability, and operations.
🔸 Apply for an EIN This is your business’s tax ID number, needed for banking, hiring, and filing taxes.
🔸 Register with the State Most businesses must file formation documents and pay fees to operate legally.
🔸 Open a Business Bank Account Keep personal and business finances separate to protect your legal status and simplify tax filing.
🔸 Get Licenses and Permits Some industries or local areas require special approvals to operate legally.
Common Formation Mistakes
❌ Choosing the wrong entity type
❌ Mixing business and personal finances
❌ Skipping state registration or required licenses
❌ Not understanding tax obligations
How to Form Your Business the Right Way
✅ Pick the Right Structure Talk to a tax pro to decide between LLC, S Corp, etc., based on your goals.
✅ File the Paperwork Submit the necessary forms to your state and the IRS.
✅ Understand Your Taxes Know how your entity is taxed and what forms you’ll need to file.
✅ Keep Clean Records Track income, expenses, payroll, and taxes from day one.
✅ Work With a Professional Accountants and tax advisors can guide you through setup and keep you compliant.
Need Help?
Book a free consultation and let our tax professionals handle it for you. Don’t wait get back on track today!
Things You Might Be Wondering
Here, we’ve gathered some of the most common concerns, curiosities, and need to knows to help you get quick answers without the wait.
The time it takes to complete your tax return depends on the complexity of your situation.
For most individual returns, it typically takes 2–5 business days once all required documents are received.
If you haven’t filed taxes for multiple years, it’s important to act quickly to avoid penalties or enforcement actions from the IRS.
We can help you gather your documents, file back tax returns, and explore options available for you
The best structure depends on your goals, liability concerns, and tax situation. LLCs offer flexibility, S-Corps can reduce self employment tax, and C-Corps provide strong asset protection and are ideal for companies planning to scale.
We’ll evaluate your situation and guide you toward the right choice.
Yes, you can file after the deadline, but you may face penalties and interest if you owe. If you’re due a refund, there’s typically no penalty.
We recommend filing as soon as possible to minimize any potential consequences.
IRS notices can range from simple requests for information to audit or collection notices.
Don’t panic contact us immediately so we can review the notice and respond correctly on your behalf.
Legal tax reduction strategies include maximizing deductions, using business expenses, contributing to retirement accounts, and choosing the right entity type.
We’ll help you build a custom tax strategy tailored to your income and business model.
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