Select The Correct Business Type
There are several business structures to choose from when setting up a new business. The type of business structure will depend on three primary factors: liability protection, the owners, and taxation. Depending on the your legal structure preferences of your business will determine which business type you choose, which by its set up may limit your legal liability as the owner, and may promote your ability to seek more tax savings. At Rosillo & Associates, we help you determine the best business type for your needs.
Before incorporating we advise you determine a financial plan and a business plan.
Before you start your business, it is important to set up your personal financial goals, determine your current financial abilities and risks, map your objectives, actions and timelines to achieve your timely financial milestones. Assessing your risks and tolerances is also fundamental to plan accordingly. An effective financial plan incorporates business plan(s), and all the relevant aspects to achieve and build a successful business, most likely needed for a winning personal financial plan.
Here are some tips to help start your planning:
- Determine your financial abilities and loss-tolerance by analyzing your current personal and business monthly income and expense budget, current net worth, current business equity and value, know your bottom-line for investing, set profitability projection date
- Determine your personal financial plan and goals. Consult one of our financial advisors immediately, to determine milestones, projections and retirement goals.
- Create a business budget and financial plan.
- Track actual results with plan goals.
- To encourage growth, seek expert consulting and help to create a strategic action plan and can also help you to implement it.
A business plan is usually required in order to seek startup funding; foreigners may need it for U.S. immigration applications. Please visit our link to “Multi National Business Owners – Resident & Non-Residents of the U.S.” for more information on U.S. taxation for immigrants.
A Successful Start
At Rosillo & Associates, we are ready to help setup your new business properly and completely and help you prepare a successful accounting, tax and financial plan. There are several business structures an investor can to choose from; we recommend you to take your time to understand them and choose wisely. If you are not sure how to start or which structure to choose, let us help you. You first objective is to choose a business that formally represents your “alter-ego”, another entity name an asset separation, which limits your personal liability as an investor risking only your business investment while a separate business entity usually also promotes tax savings. We can setup many tax and business related matters for you. Our firm can also refer you to a expert financial advisors, bankers and lenders, and attorneys and many other professionals to assist in your financial security.
We do not provide legal advice, legal services, but, we will be glad to refer you to an expert attorney that specializes in your legal business and personal set up needs for issues such as stock agreements, Operating Agreements, Contracts, Trust, Wills, and much more.
Let Rosillo help you Start with Success
