Trusted Accounting for New Businesses in Los Angeles
Starting a new business is a rewarding endeavor, and it can also be challenging. At The Virtual CPAs, our goal is to help you develop the internal infrastructure and processes you need to succeed in today's marketplace. We have the knowledge and experience to help you begin your business journey on the proper foundation that will set you up for future economic growth.
Our team of Los Angeles business formation experts wants to help your new endeavor succeed. From accounting to taxes, we have the skill you need to maximize your profits from the very beginning. Whether you're in Los Angeles, San Fernando Valley, or Ventura County, you can count on us to work diligently on your behalf to help you save time, energy, and money in your new business. Contact us today for your free initial consultation.
Optimizing Your Personal and Business Finances
As you begin starting your business, it is critically important to determine how you want your personal finances to relate to your business finances. Our team will help you determine what kind of tax filings you will need and what to expect, depending on your decision. Regardless of how you want to set up your finances, we will keep your numbers clean and accurate to ensure you don't run into problems as time progresses.
What Business Entity is Right for You?
Each entity has different tax regulations and liabilities that will affect your business over time. It is crucial to pick the correct entity from the beginning to ensure the best possible financial position. Our team has the expertise to help you assess which entity is correct for you based upon your business goals and plans. Some of the different entities you can choose from include:
- Sole Proprietorship works well when you are looking to own and operate your business yourself. It is simple to establish and allows you to combine your business and personal income on your taxes, making filing your return a straightforward process. You will be responsible for all liabilities with a sole proprietorship because your business is not a separate legal entity.
- Partnerships are when you and two or more other people decide to share ownership and management responsibilities of the business by signing a written agreement. You and your partners will share in the profits and losses of the business and be responsible for all liabilities together. Also, each partner is responsible for reporting their share of the profits and losses on their taxes.
- C-Corporations limit your liability by creating a separate tax entity from the owner of the business. This means you will not be personally liable for the entity's losses. Also, your profits will be taxed individually, and the business' profits will be taxed on a corporate level.
- S-Corporations allow the business' income to go to the owner and shareholders without being subject to federal corporate taxes while also limiting the liabilities of the owner. Your business must adhere to specific Internal Revenue Code requirements to be eligible for this entity.
- Limited Liability Companies give you the benefit of limiting your liabilities while operating much like a sole proprietorship or partnership. You will not be liable for the losses of your company with this entity, but you must report all profits on a Schedule C and send it in with your return.
Trusted Tax Guidance
Taxes are an essential part of any business. Our Los Angeles business formation experts are well-versed in all current tax codes and regulations. We provide the guidance you need to save money when you file with the IRS. The Virtual CPAs knows what you need to report and what options you have to lower your tax obligations, such as retirement planning and other saving options. Our team will also help you stay atop any new tax law changes and alter your tax strategy to avoid penalties and sudden expenses.
Services When You Need Them
Our team knows that having a financial and accounting expert you can count on throughout the year is an invaluable resource when starting a new business in Los Angeles. This is why we offer budgeted services to give you the peace of mind that someone you can trust is watching your back. When it comes to accounting and taxes, there is no problem that our financial experts can't help you with. Whether it's setting up QuickBooks®, implementing payroll, or taking care of your taxes, we're the team you can count on to be there when you need us.
You Los Angeles New Business Formation Experts
At The Virtual CPAs, helping you succeed is our top priority. We work with you to help determine the best financial solutions to save you energy, time, and money. Our team helps you navigate business challenges and opportunities. Whether you're looking for startup accounting services in Los Angeles, San Fernando Valley, Venture County, or one of our surrounding communities, we're the team you can trust to help you achieve your business goals. Contact us today for your free initial consultation.