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Everything you need to know about entity formation in Rancho Cucamonga, CAPosted By Whyte & Associates
If you are thinking of starting a new business, it can be overwhelming to figure out where to begin. Figuring out what type of entity you want to form is just the beginning; there are also several steps that you need to take to protect your business and paperwork that needs to be completed and filed. At Whyte & Associates, Inc. in Rancho Cucamonga, CA, we take the guesswork out of the entity formation process. We explain everything you need to know about entity formation and offer guidance, so you are confident in every step of this exciting venture for your new business.
What types of business structures are there?There are many types of business structures that have different implications for taxes, management, liability, operations, and other important issues:
- Sole proprietorship
- General partnership
- Limited Liability Company (LLC)
- Limited partnership
- Limited Liability Partnership
What paperwork is necessary?One of the first steps in forming a business entity is to file the necessary paperwork with the Secretary of State, along with the fees for filing. These forms and fees differ by state. In California, depending on the business structure that you choose, there are different forms that need to be filed. In addition, each business entity needs to file paperwork on a regular basis—typically every one to two years depending on the form and type of business.
What types of accounts do I need to set up?Tax account: While you can use your Social Security Number (SSN) for tax purposes, most businesses obtain a federal Employer Identification Number (EIN), which is essentially the business equivalent of your SSN. You will also need to register your business with the state tax authority so that you can pay income and sales tax, as well as employment taxes if you have employees. Bank account: One of the most important things you can do to keep your business accounting and taxes streamlined is to set up a separate bank account for your business. This keeps your personal and business finances separate so you can easily identify which income and expenses are associated with your business.
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Do I need business insurance?It depends. While forming your business entity provides protection for your personal assets should your business get sued, the business itself is vulnerable to huge losses that can occur if there is a lawsuit, data breach, flood, fire, or other destructive events. Business insurance protects you from these losses; there are different kinds of business insurance available for the various types of risks your business has.
What about contracts?Even the smallest businesses need to have certain contracts in place to help avoid any possible misunderstandings and, should it be necessary, to enforce the terms of the contract in court.
- Nondisclosure agreements (NDAs) are used to protect the confidential information about your business and its customers so that your business information remains private and cannot be “leaked” to others.
- Terms and conditions are rules that specify how people can use your business website.
- Employment contracts are the terms that employees of your business must abide by.
How do I get started with bookkeeping and taxes?Whether you are a seasoned business owner or just starting out, bookkeeping and tax preparation are one of the most important aspects about keeping your business running smoothly. With good accounting practices, you are not only ready at tax time instead of scrambling to find the information you need, but you also have a clear picture of your finances and what direction to take your business in the future. Planning for your business is nearly impossible without good bookkeeping. Whyte & Associates, Inc. can help you prepare your books on an annual, quarterly, or monthly basis, depending on what is right for your business size and tax preparation needs.
How do I schedule an appointment?If you are ready to take the next step with your business, our team of professionals is here to help! At Whyte & Associates, Inc., we build a relationship with every client and are available year-round to help with anything from small questions to bookkeeping and taxes. To schedule an appointment at our Rancho Cucamonga office, call us at (909) 575-0080. We look forward to helping you make your business dreams a reality!
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