Ready to get back to business?
Running your own business is a rewarding and fulfilling experience. It can also be a stressful one where you are expected to have all the answers and no one to turn to for guidance.
Turn to Faw Casson.
From the inception of your idea, to the success of your business, Faw Casson will guide you through the process. Your advisory will act as a catalyst for your start up business, helping you create a solid business plan that will allow your vision to become a reality. Organized with clear direction, you will maneuver easily through start-up challenges. The first steps of your business are integral to its success – make sure they are well-founded.
Already on your way?
Once your business is established, we will assist you in achieving ultimate business results. Our Entrepreneurial Services team will determine where there are roadblocks in your path and provide solutions to help you avoid those barriers. Whether you are one year past your launch, or twenty, our advisors will identify where there is room for growth and create a plan to keep you on the right track.
How far will YOUR business go? Faw Casson will show you.
Specializing in:
- Bookkeeping Services/Virtual Bookkeeping
- Small Business Support
- QuickBooks Support
- Strategic Tax Planning
- Business Consulting
- Start Up Consulting
- Growth Strategies
- Tax Preparation
- Record Management System Support
You have the vision.
We have the plan.
Need to Know
Q. What Should a Start-Up do First?
A.
New Business Start-Up Action Plan
Are you ready to start your own business? Creating your own business can be very stressful in the beginning which is why our team has created a quick action plan that walks you through the necessary steps. This action plan will help to ensure that you’ve considered all the steps in order to successfully start your business.
- Form LLC or Corporation with the Secretary of State or our preferred vendor
- Forming an LLC or Corporation is key to help separate yourself as an individual and your business.
- Draft a LLC Operating agreement or Corporate charter if needed
- An LLC Operating agreement is a binding legal document that summarizes the ownership and membership responsibilities of your LLC. The LLC Operating agreement will also establish how member contributions and distributions are handled.
- Obtain EIN number with the IRS
- Obtaining an EIN number can be done online through the IRS website: (https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online). It is imperative to obtain an EIN even if you are operating as a single member LLC. The EIN will allow you to operate under the business name instead of your personal name.
- Open business bank account
- It is crucial to open a business bank account (checking, savings, credit card, etc.) to capture business activity. By simply having a business account it will save you (and your accountant) from having to review your personal account activity to determine what is related to the business.
- Complete Sub Chapter S election if forming a corporation
- This is not always necessary at the time of start-up depending on your business needs. Typically a business will elect to be treated as Sub Chapter S if it has multiple owners, has numerous employees and constantly growing.
- Obtain state and local business licenses
- It is important to obtain state and local business licenses to ensure you are able to operate legally in each area. Every state and locality has different requirements. The best business practice is to reach out to the licensing department prior to doing business to avoid any unwanted penalties.
- Qualify to do business in other states if applicable
- If you are physically present in another state you will want to check with that state to determine how you qualify to do business there. The best business practice is to reach out to the licensing department prior to doing business to avoid any unwanted penalties
- Identify payroll and workman compensation needs
- A third party processor is a great business partner when it comes to establishing payroll. They will help process your payroll timely and ensure all your payroll tax filing requirements are completed.
- Obtain adequate business liability insurance
- This one speaks for itself. You want to make sure you are adequately insured to protect your business.
- Establish method of bookkeeping and responsible parties
- Establishing a method of bookkeeping and responsible parties upfront will allow you as a business owner to focus on your passion – running your business. Once you’ve establish a method of bookkeeping and responsible parties you will be able to review reports frequently to see how the business is performing.
Faw Casson offers a no-charge initial consultation to review your new business venture. Please give us a call so we can help you be successful.
