Business Formation
One of our favorite things to do at Goering & Granatino is to help start-ups and entrepreneurs launch businesses. There is a lot that goes into starting a business. There is far more to it than simply having a great idea. The challenging part is understanding taxes and insurance, finding a lawyer ,and setting everything up properly with your local, state, and federal governments.
No matter what stage you are in of setting up your business, our team can help. We work diligently to take your business from an idea to a functioning operation. To do this, we help start-ups, entrepreneurs and small business owners avoid common pitfalls that happen when starting a new venture.
For our clients, we:
- Prepare an initial business plan to clarify your marketing, management and financial plans.
- Determine start-up capital needs.
- Identify sources of start-up capital and backup sources if needed.
- Evaluate and quantify borrowing power so you know how much money you can get your hands on if needed.
- 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.
- Select the right accounting software by evaluating your budget, needs and hardware.
- Prepare a cash flow budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements are always emotionally painful.
- Establish billing and collection procedures to maximize your cash flow.
- Establish procedures to monitor and control costs.
- Prepare and file all required state and local licenses and permits.
- Prepare and file your application for your Federal Employer Identification Number.
- Provide payroll and payroll tax filing when you bring on your first employee.
- Comply with employment laws so you don’t get hit with fines and unhappy employees.
- Identify your business insurance needs.
- Help develop a solid Partnership Agreement with your attorney. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road.
Once the business formation is complete, our work is far from over. Our team usually begins immediately assisting with monthly accounting and bookkeeping, providing advice and counsel, and planning for upcoming tax liabilities.
Business Formation FAQs
Turning Your Business Idea Into a Successful Launch
What business structure should I choose for my new company?
The right structure depends on your specific situation: an LLC, S-Corp, C-Corp, partnership, or sole proprietorship all carry different tax and liability implications. We evaluate your tax advantages, legal exposure, ease of operation, and even portability if you might relocate, so you can make the right decision with confidence.
Do you help with licenses, permits, and EIN filings?
Yes. We prepare and file the state and local licenses and permits your business needs, along with your application for a Federal Employer Identification Number. That way you’re operating legally from day one without chasing down the paperwork yourself.
Do I still need an attorney if I work with you?
In most cases, yes, and we work alongside your attorney rather than replace them. We help develop your Partnership Agreement together with legal counsel, and we’re glad to coordinate directly with your attorney on the financial and structural side of things.
Do you only work with established businesses, or do you help brand-new startups too?
Startups are one of our favorite clients to work with. We help you move from an idea to a functioning business, walking through your business plan, structure, and financial foundation so you avoid the common pitfalls that derail new ventures before they gain traction.
Can you help me get funding or a loan for my new business?
Yes. We evaluate and quantify your borrowing power so you know what’s realistically available, and we help identify funding sources beyond just a bank loan. Knowing your options upfront helps you avoid unplanned cash shortfalls down the road.
Do you only help with the initial setup, or do you support the business afterward?
Our work doesn’t stop once your business is formed. We typically move straight into monthly accounting and bookkeeping, ongoing advice, and planning for upcoming tax liabilities, so you have consistent support as the business grows.
Do you help with payroll once I hire my first employee?
Yes, we can coordinate payroll setup with your preferred provider. We also partner with White Glove Payroll to handle payroll tax filing from your very first hire, helping you stay compliant with ever-changing employment laws so you’re not caught off guard by fines or compliance issues.