Incorporating Your Business
Your business entity has a large impact on your taxes and other liabilities. From your company’s inception through its growth and development, Espinal Business Services can advise you on choosing an entity type and later restructuring if advantageous. With our knowledge and expertise, you will always be receiving the most advantageous entity type for the functions your business performs.
Many decisions must be made when you start a business. For example, you must choose a name for the company, a location and a target consumer base. However, one of the most important decisions you will make as you start you business involves the company’s structure. Popular business structures include Limited Liability Company (LLC), Corporation, S-Corporation and Sole Proprietorship.
Both incorporation and LLC formation allow you to avoid at least some personal liability for the company’s debts and other financial obligations. Corporations provide more protection than LLCs. However, while income received by an LLC is taxed only once (members of the LLC pay taxes on income they earn), income received by a corporation is taxed twice (once at the corporate level and once at the shareholder level).
If your company will have 75 shareholders or less, you can also form an S-corporation, which provides the protection of a corporation but allows you to pay taxes on income only once. Finally, if you choose to keep your business a Sole Proprietorship, you and your business will be considered one entity for tax purposes. While you must file only one return, you will be responsible for any and all of the business’s debts and income.
Business Consulting
Are you starting a new venture and want advice about what pitfalls to avoid? Do you need someone to review your operations to make sure appropriate controls are in place? Perhaps you need a more fluid way to see your cash flow projection.
Having a one-on-one relationship with your accounting team is essential to running a successful venture. We are more than just a machine crunching out numbers. Our clients receive a personal bookkeeper that will work exclusively with you to reach your accounting goals. In addition, our bookkeepers have access to managers and internal specialists that can assist in whatever needs your business requires.
We understand what it means to be a small business and what it takes to do it successfully! So, we offer these a la carte services throughout the Miami, FL areas:
- Training of your internal staff
- Monthly or Quarterly review of internal staff’s work
- Special Project Consulting
- Internal Procedure Review
- Daily Procedures
- Month End Closing Procedures