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BUSINESS 101
 
Thinking of owning your own business? Opening your own business is exciting and thrilling. It's everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. It's up to you to stretch out and maintain the "thrill and excitement" period for as long as possible.
 
A methodical plan of action is needed to fulfill your dreams and goals of being your own boss and running a successful business. Success lies in the approach you choose to take. Your Cornerstone Financial advisor can help you avoid the many common mistakes that new and established small business owners make.
 
The Business 101 Start-Up Package will help you:
 
  • Prepare an initial business plan to clarify your marketing, management and financial plans.

 

  • Determine your start-up capital needs.
 
  • Select a business structure – Sole Proprietor, S Corp, C Corp, LLC or Partnership - that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate

 

  • File with state for certificate of assumed name (DBA).

 

  • Prepare and file your application for your Federal Employer Identification Number (EIN).

 

  • Obtain state tax identification numbers, if necessary. File required documents with state unemployment and sales tax authorities.

 

  • File incorporation, limited liability company (LLC) or partnership documents with state. For corporations electing Subchapter S status, file Form 2553.

 

  • Select the right accounting software by evaluating your budget, needs and hardware. Enjoy savings right away with our Quickbooks discount program.

 

  • 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 and financially painful.

 

  • Establish bookkeeping for the new entity. Cornerstone offers small business bookkeeping starting at only $25 a week!

 

  • Setup a home office so you can maximize your tax deductions.

 

  • Prepare and file all required state and local licenses and permits.

 

  • Identify your business insurance needs.

 

  • Develop a solid Partnership Agreement, if necessary. 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.
 
Get on the right track with your new business and the Business 101 Program. Packages start at only $100 and include a discount on your first year's tax return! Just use the form below to contact Cornerstone Financial to learn more about getting started right away.
 
  
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