If you are currently a business owner, odds are that you understand the concepts of business management and understand how to strategize your business concepts.
Many business owners are not fully aware of the different tax strategies that are involved in running a business and the importance of complying with the Internal Revenue Service, Franchise Tax Board or any other state agency where you operate your business. It is imperative to find a knowledgeable tax specialist who can help you and your business stay away from any tax debts by reporting your business’s financial information accurately. Whyte & Associates is here to help keep you away from those tough situations and wants to guide you to reach your company goals.
Are you thinking of setting up a new business? We can help. We will discuss your business and recommend the best structure for your needs. The internet has a lot of information about business entities, but the internet is not always able to answer your specific questions and meet your specific business needs. Our goal is to show you, as the business owner, a wide variety of strategies that can help your business get to the next level.
If business is not going well, we are able to help dissolve your business or help guide you to change your business type so it will best fit you with this ever-changing economy. If you are ready to close doors, we can help in making sure that all the necessary tax forms and all of the government agencies are provided with the proper paperwork and documentation that it takes to finalize your business.
If you are switching from another provider, we welcome you at any time! However, you may wish to wait until the start of a new calendar year (January 1) or a fiscal quarter. This allows for the cleanest transition, while simplifying tax reporting and avoiding onerous data migration from YTD figures.
Many professionals and industries offer consulting or advisory services to businesses. As accounting professionals, we have the expertise to help you identify, address, and overcome financial challenges that can constrain your business’s ability to operate efficiently and profitably. For 70 years, our firm has helped startups and legacy operations alike understand financial data and specific pain points, providing strategic recommendations to overcome barriers that hold them back.
Every business is unique, so the consultative solutions that we offer are incredibly varied. They include:
We often see startups bogged down in either overly general or questionable information online about forming or incorporating a business. Our team has the experience and expertise to guide you through the most appropriate options for structuring your business, recognizing that the decision you make early on can have significant implications for both your personal and business finances. By selecting a “cabinet of advisors” from the outset, your startup is in a sound position to grow. You have both the professional insights to drive sound decision-making and a robust framework and formal systems to support scaling and avoid the minefields many organizations encounter when starting out.
If your business is struggling, we can discuss options that align well with your personal and professional goals. As appropriate, we may explore operational restructuring if cash flow is an issue. This might include scaling back on certain product lines or locations. To ensure continuity, you may wish to exit gradually on your own terms by transferring ownership to family or trusted employees, or by merging or partnering with other organizations. Depending on your business structure, you may dissociate and leave the partnership, allowing the business to continue with the remaining partners. While we offer full-service formal dissolution guidance, there are numerous alternatives that may be more appealing and better suited to your situation.
To gain insights into your business that support strategic recommendations for growth/operational improvement, we generally request tax returns (from at least the past 2-3 years), financial statements, banking and loan details, payroll reports, detailed transactional information, and inventory/asset records. We also request information on your business structure, including operating and partnership agreements. Of course, no consultative relationship would be possible without a discussion about your business’s goals and pain points.
PLEASE FEEL FREE TO CALL TODAY AND SET UP A MEETING SO WE CAN HELP YOU REACH YOUR BUSINESS GOALS.
