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Cronin & Associates, Ltd. |
Accounting & Tax Solutions
Inverness, IL Phone: 847-991-5200 Fax: 847-991-8006
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We Welcome new Business Start ups
Starting a new business is an exciting yet challenging endeavor. We have assisted several startup businesses and find it rewarding to work with clients as they grow into established businesses. Over the years we have worked with several businesses that started with one or two owners and have developed into a workforce of over forty employees.
Starting in 1997 with no clients, we have personal experience in the issues that you may encounter as a new business. Some of the common concerns for a new business include the following:
- How do I organize the business?
- Which entity is best for my business, a Corporation, S corporation, LLC, sole proprietorship?
- What governmental agencies do I have to register with as a new business?
- What accounting system do I use to track income and expenses and how do I set it up?
- Should I use the cash or accrual method of accounting and what is my year-end?
- How do I handle start-up expenses and equipment purchased or converted from personal use to business use?
- How do I handle auto expenses?
- Do I have to collect sales tax?
- How do I handle payroll and pay all of the appropriate expenses?
- How will the business affect my personal income taxes?
As the business grows different concerns develop including:
- How do I save on taxes and plan for this expense?
- What retirement plans are available my business?
- My banker or insurance agents needs financials statements. How to I provide these?
- Should we purchase a building to operate from?
- Do we need a buy-sell agreement between the owners and is financing available to fund a buy-out? Is life insurance appropriate?
- What benefit plans are available for health insurance, medical expenses, life insurance, etc.?
- We are outgrowing our accounting system, which system should we convert to?
- Can cash flow sustain our current growth plans?
- How do I sell or gift the business?
Of course each business is different and each may have its unique issues to address. Our goal is to anticipate these concerns and provide timely advice and solutions.
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| Call for a Free Initial Consultation 847-991-5200
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| Home | Our Services | Taxes | Quickbooks® | About Us | Contact Us | Links 1601 Colonial Parkway, Suite B • Inverness, IL 60067 • Phone: (847)991-5200 • Fax: (847)991-8006
The information presented in this website is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
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