Do any of these describe your situation?
"I’m new in business"
"I used to be in business"
"I am currently in business and what to make a change"
Being in business for yourself can be one of the biggest adventures in your life. It’s time to get serious and set yourself up for success by doing the proper paperwork.
Thoughts: Have you thought about what type of company structure you want to have? We can explore your options together by discussing what you know, what you think, and which way you are leaning.
Thoughts: Do you want to have employees? Do you want to operate your construction company as a Sole Proprietor? Partnership? Limited Partnership? S-Corp?
Thoughts: What business name would you like to use? Is anyone else using it?
Thoughts: Do you have additional trade names you want to use?
Thoughts: Do you plan on having a website?
Thoughts: What type of business are you starting? Are you a construction contractor?
Thoughts: Do you need a contractor’s license? Any other specialty or professional licenses?
You will need to process application in multiple state agencies before process is completed. Just like in baseball there is a specific sequence that needs to be completed (hurry up and wait).
Thoughts: Take your time filling out the application forms.
Washington State Department Master Business License will ask if you plan to have employees starting in next 90 days. And it will ask which cities do you planning on working in? And a whole lot more questions that you need the answers too before starting the application because the wrong answers can be costly!
Let’s work on the process together…..We will discuss, think, plan and research…..so that when you choose a business name you are happy with your choice.
Recently clients have come to me and said….”The advice I have been given is to start as an LLC now and later when my construction company grows change over to an "S-Corp”. Also known as an "SCorp".
Let’s discuss all of the consequences and determine which is best for you from a construction accounting and profitability viewpoint and once you have more information you can make an informed choice between LLC or Sub-S or one of the other options…..I will provide you with an opinion; however, you will make the final decision.
It’s O.K. to start as a LLC and change later to something else for example a Sub-S……Just be sure to choose carefully Washington State Secretary of State fees start at $200.00
With change you may have to repeat the setup process with all the other Local, State, and Federal Agencies as well. In addition you may have to start all over with a fresh QuickBooks Setup.
I can help – Please call me to get started. Sharie 206-361-3950 sharie@fasteasyaccounting.com
About The Author:
Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. http://www.fasteasyaccounting.com/sharie-dehart/