Starting a Business

QuickBooks ProAdvisorStarting a business can be difficult and confusing - luckily, My Accounting Center is here to help. Our Glendale, CA-based financial services company has been providing assistance to startup businesses of all types across the country for years, and we look forward to working with you. Read on to learn more about the services we provide. Call 1-877-622-4621 for more information on starting a new business.

My Accounting Center doesn't just offer accounting for starting a business - we'll provide start-to-finish assistance throughout the process. A member of our team will meet with you and help you draw up a comprehensive business plan which will take your objectives, strategies and market into account, determine your company's starting capital, identify all potential investors, determine and file local and state paperwork/licenses, set up a payroll account, assist with understanding and complying with employment laws and a host of other pre-formation and post-formation services.

Do you need a corporation or LLC? Online ordering takes less than 5 minutes to complete and is available in all 50 states.



Forming a new business takes a lot of hard work, determination and productivity. Like many, you may be confused about how and where to start. At My Accounting Center Inc., we can assist you with all your new business formation questions and concerns. Because there are many tasks that come along with forming a new business, we are here to provide a number of services that may assist you. Some of our services include:

  • Drafting a business plan, which will describe your business objectives, strategies, and market and financial forecasts;
  • Determining your starting capital;
  • Identifying your potential capital investors;
  • Filing for all your required local and state permits and licenses;
  • Setting up a payroll account for your employees;
  • Helping you understand local and state employment laws;
  • Creating a Partnership Agreement if more than one party is involved.

 

Pre-Formation
The pre-formation process we employ through our Small Business Reorganization Planning Model is designed to assist the client in meeting all of the requirements imposed by the code, and to guide the business owner through the process of forming the entity as a first step.

Pre-Formation Process

  • Client meeting and evaluation of need
    • Initial consultation
    • Review & analyze (3) prior year tax returns
    • Tax Savings Analysis
  • Complete Intake Formation Package
    • Copy will be attached with the minutes
  • Conduct First Organizational Meeting
  • Have client complete financial needs-analysis
  • Have client sign fee agreement and make payment
  • Submit formation package
  • Begin payroll determination
    • Reasonable person standard
    • Independent investor standard

    The above cited steps are the formal processes one must be guided by in order to properly begin the pre-formation process with the client, while ensuring that each issue is addressed in terms of meeting the requirements of the tax laws.

    Formation
    The formation process is the next step in creating the corporation. The client submits a Client Formation Package with all the forms properly completed, and the Entity Services Department begins working with staff to create the various documents, resolutions and minutes and files the Articles of Incorporation with an approved state agent. The corporation book is ordered and when delivered is assembled, along with obtaining all tax ID numbers, S-Elections and various other required documents that must be filed.

    Formation Process

  • Name Reservation is filed with State;
  • Articles of Incorporation are created and filed with State;
  • All State filing fees are paid;
  • First Minutes are prepared;
  • Checklists for client are prepared;
  • Corporate book is ordered;
  • By-Laws are created;
  • Tax Forms are completed for signature and filing;
  • Materials are inserted into corporate book with seal.

Post-Formation
The post-formation process is really where our professional staff works directly with the client in guiding them through the steps necessary to ensure they execute all forms and tax documents and that the client completes the next important steps in setting up payroll services, salary and compensation amounts, accountable reimbursement plans and begins enjoying the benefits of operation in a corporate structure.

Post-Formation Process

  • Delivery and presentation to client of corporate books;
  • Review of each section of corporate book;
  • Execute and sign all tabbed documents and return for filing with State;
  • Execute and sign all tabbed Election and return for filing with IRS;
  • Establish initial salary compensation;
  • Establish bank account;
  • Transfer money to bank account;
  • Sign corporate minutes and resolutions;
  • Schedule follow up meeting for 30-days.

Notes
If any step in this process is missed or done incorrectly, the client may not have a valid corporation, and it could be disregarded for tax purposes. Through our Small Business Reorganization Planning Model, we make sure that the corporation formation process is done correctly and the corporation is recognized as a valid entity.

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