New Business Formation Consulting
Starting a business is an exciting and rewarding experience, but one that requires a great deal of work. Without experience and the right know-how, the process can quickly become maddeningly complex.
There’s a lot of red tape involved in the formation of a new company, including tax codes and local, state, and federal laws that may or may not govern the way you do business. Unfortunately, these can often be obscure and mystifying for the average person.
Cox Accounting and Financial Services is here to help you get off the ground, grow, and find success. Our team has the experience and expertise to guide you through the formation process, help you pick the right entity, set up effective systems, and establish efficient operational processes.
One of the most important decisions you’ll make for your business’s financial future is what kind of entity you will file as. This affects how your business is taxed and what kind of protections you are granted.
Cox Accounting and Financial Services takes the time to get to know you and your business, as well as your goals and expectations to help you pick the right structure.
Sole Proprietorships are businesses owned and operated by a single person. This person pays all of the business’s taxes on their personal return and is offered no liability protections, as the business is not considered a separate entity.
Partnerships are similar to sole proprietorships, but have two or more owner/operators who are taxed based on their share of the income.
Pass-Through Entities such as LLCs and S-corporations are taxed through the owners’ personal tax returns, though the business is considered a separate entity, affording the owners a certain level of liability protection.
Corporations are recognized as taxable entities separate from the owners. Owners are taxed on their profits from the corporation while the corporation itself is taxed on its own income, accounting for deductions and credits.
Accounting System Setup
Detailed, accurate accounting is the backbone of your venture’s financial health. Cox Accounting and Financial Services helps you set up the right accounting system for your unique needs. From QuickBooks setup to operational processes, we can get you up and running with your best foot forward.
Hit the Ground Running
When you start your business, start off right. Cox Accounting and Financial Services provides expert accounting services to entrepreneurs in Raleigh and the surrounding areas. Call our firm today to schedule a consultation.