What you need to do
Key steps to consider, what to watch out for, and ways advisory firms can help when planning your business strategy.GET STARTED
Assess Costs and Personal Liability
Startup costs and potential funding needs for your business entity should be accounted for in advance in order to limit risk and ensure accurate budgeting.
Determine the Optimal Business Structure
Identify whether a sole proprietorship, partnership, Limited Liability Company (LLC), C-corporation or S-corporation is the right fit for your business.
Identify Tax Opportunities
State and federal regulations for taxes, but also licensing and zoning rules, will all apply to your business. Certain tax credits such as QSBS can be helpful as well.
Set Up Insurance
Securing sufficient insurance coverage is necessary before a company opens its doors to reduce the risk of substantial financial damage.
- Insufficient funding to launch the business
- Misunderstanding of business and personal tax rules
- Personal financial risk
Evaluate the tradeoffs of the different structures for your business.
Access lower or no taxes on your company’s growth if you qualify for Qualified Small Business Stock (QSBS).
Trust & Estate Firms
Mitigate your personal liability and overall business risk in areas including personnel, insurance, your family’s liability.
Work with an attorney if you have a large estate ($20M+), live in a state with estate taxes below the federal level, or you expect that the value of your new company may rise significantly in the future.
Financial Advisory Firms
Recalibrate your expected income, risk tolerance, and personal costs and budgeting based on your changing financial situation.
Holistic Financial Strategy
Plan your personal short- and long-term investment strategies and goals around your potential business outcomes.