Business Entity Services

 Choosing the right business entity depends on factors such as:

• Liability protection: If you want to protect your personal assets from business-related debts and legal issues, an LLC or corporation may be ideal.
   
• Tax considerations: Some entities, like LLCs and S-Corps, offer pass-through taxation, while others, like C-Corps, have double taxation.
   
• Ownership and management structure: If you’re a solo entrepreneur, a sole proprietorship might be the simplest. For partnerships or joint ventures, consider a partnership or LLC.
   
• Growth plans: If you plan to seek investors or go public, a corporation may be your best bet.
   
• Administrative complexity: Some entities, like corporations, require more paperwork, regulations, and formalities than others, like LLCs or sole proprietorships.
   

Talk to us today to help you assess your options based on your specific business needs and goals! https://calendly.com/ryanotto/business-entity-consultation

 The type of business entity you choose significantly impacts how your business is taxed:

• Sole Proprietorship: Income is reported on your personal tax return (Form 1040, Schedule C). Profits are subject to self-employment taxes (Social Security and Medicare).
   
• Partnership: A partnership is a pass-through entity, meaning the business itself does not pay taxes. Instead, each partner reports their share of profits or losses on their personal tax return. However, the partnership must file an informational return (Form 1065).
   
• LLC: An LLC is also a pass-through entity by default, meaning profits are reported on the owners’ personal tax returns. However, LLCs can elect to be taxed as a corporation (C-Corp or S-Corp) for tax advantages.
   
• C-Corporation: A C-Corp is subject to corporate tax (Form 1120) on its income. If dividends are distributed to shareholders, they are taxed again on their personal returns, leading to double taxation.
   
• S-Corporation: An S-Corp is a pass-through entity, meaning profits and losses pass through to the shareholders’ tax returns. S-Corps avoid double taxation, but they have more restrictions than LLCs or C-Corps.
   

Taxation rules can be complex, so it’s important to work with us to determine the most advantageous structure for your specific financial situation.

Yes, it’s important to open a business bank account to:

• Separate personal and business finances: This makes bookkeeping and tax filing easier.
   
• Establish business credit: Having a business account can help you build your business’s credit profile.
   
• Professionalism: Clients and vendors will see you as more credible and professional if payments are made to your business account rather than your personal account.
   

We can assist you with selecting a business bank account that suits your needs and help you set up the proper accounting system to manage your finances.

 While it’s possible to start a business on your own, seeking professional guidance can save you time, money, and headaches in the long run. Here at Accent Financial Services we can help you:

• Choose the right business entity.
   
• Handle legal paperwork.
   
• Set up accounting systems and financial projections.
   
• Ensure tax compliance.
   
• Help you navigate any challenges.
   

At Accent Financial Services, we offer a range of services that can help you from the very beginning, ensuring that you set up your business for long-term success.