One of our associates will meet with you and help you draw up a comprehensive business plan which will cover the following:
- Define company objectives and draft a business plan
- Determine your company�s starting capital
- Identify potential investors
- File local and state paperwork/licenses
- Set up a payroll account (if needed)
- Assist and coach about employment laws
- Create a partnership agreement if more than one parties are involved
- Finally, we will help you with any pre-formation and post-formation services
Do you need a corporation or LLC? Online ordering takes less than 5 minutes to complete and is available in all 50 states. Forming a new business takes a lot of hard work, determination and productivity. Like many, you may be confused about how and where to start. At LRB Accountancy Inc., we can assist you with all your new business formation questions and concerns.
Pre-Formation
The pre-formation processes we employ through our Small Business Reorganization Planning Model is designed to assist the client in meeting all the requirements imposed by the code, and to guide the business owner through the process of forming the entity as a first step.
Pre-Formation Process
- Client meeting and evaluation of need
- Initial consultation
- Review & analyze (3) prior year tax returns
- Tax Savings Analysis
- Complete Intake Formation Package
- Copy will be attached with the minutes
- Conduct First Organizational Meeting
- Have client complete financial needs-analysis
- Have client sign fee agreement and make payment
- Submit formation package
- Begin payroll determination
- Reasonable person standard
- Independent investor standard
The above cited steps are the formal processes one must be guided by in order to properly begin the pre-formation process with the client, while ensuring that each issue is addressed in terms of meeting the requirements of the tax laws.
Formation
The formation process is the next step in creating the corporation. The client submits a Client Formation Package with all the forms properly completed, and the Entity Services Department begins working with staff to create the various documents, resolutions and minutes and files the Articles of Incorporation with an approved state agent. The corporation book is ordered and when delivered is assembled, along with obtaining all tax ID numbers, S-Elections and various other required documents that must be filed.
Formation Process
- Name Reservation is filed with State;
- Articles of Incorporation are created and filed with State;
- All State filing fees are paid;
- First Minutes are prepared;
- Checklists for client are prepared;
- Corporate book is ordered;
- By-Laws are created;
- Tax Forms are completed for signature and filing;
- Materials are inserted into corporate book with seal.
Post-Formation
The post-formation process is really where our professional staff works directly with the client in guiding them through the steps necessary to ensure they execute all forms and tax documents and that the client completes the next important steps in setting up payroll services, salary and compensation amounts, accountable reimbursement plans and begins enjoying the benefits of operation in a corporate structure.
Post-Formation Process
- Delivery and presentation to client of corporate books;
- Review of each section of corporate book;
- Execute and sign all tabbed documents and return for filing with State;
- Execute and sign all tabbed Election and return for filing with IRS;
- Establish initial salary compensation;
- Establish bank account;
- Transfer money to bank account;
- Sign corporate minutes and resolutions;
- Schedule follow up meeting for 30-days.
Notes
Through our Small Business Reorganization Planning Model, we make sure that the corporation formation process is done correctly, and the corporation is recognized as a valid entity.If any step in this process is missed or done incorrectly, the client may not have a valid corporation, and it could be disregarded for tax purposes |
