New Business Formation

Thinking of owning your own business?

Opening your own business is exciting and thrilling. It is uncertain whether a small business will make it and it is up to you to maintain and stretch out the "thrill and excitement" period forever.

A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. We, working hand in hand with your attorney, help you avoid the common pitfalls that many new small business owners make when starting their new venture.

We encourage to address all the following and can help you in the process...

  1. Prepare an initial business plan to clarify your marketing, management, and financial plans.
  2. Determine your start-up capital needs.
  3. Identify sources of start-up capital and backup sources if needed.
  4. Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed.
  5. Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate.
  6. Select the right accounting software by evaluating your budget, needs and hardware.
  7. 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 painful.
  8. Establish billing and collection procedures to maximize your cash flow.
  9. Establish procedures to monitor and control costs.
  10. Setup an office (even if only at home so you can maximize your tax deductions).
  11. Prepare and file all required state and local licenses and permits.
  12. Prepare and file your application for your Federal Employer Identification Number.
  13. Comply with employment laws so you don't get hit with fines and unhappy employees.
  14. Identify your business insurance needs.
  15. Develop appropriate ownership documentation including buy/sell agreements, partnership agreements etc.

  • Excerpts from Our Recent Newsletters

Plush Smith PA, One Sarasota Tower, 2 North Tamiami Trail, Suite 506, Sarasota, FL 34236
Phone: (941)953-7587 | Fax: (941)953-9157 | Email: info@plushsmith.com
Admin | Search | Site Map | Privacy Policy | Disclaimer
© Plush Smith PA 2019