Accounting Advice for Startups / LLC / C Corp / S Corp
We also help with running payrolls, 1099 contractors set up, tax withholdings on foreign payments and foreign disclosures if required.
Its very important to chose the right company for your goals. A startup may have different goals and strategy than the regular traditional trading business or a local IT consulting /placement company. Our team has in depth experience in every field and we get you ready for your mission.
Startups need assistance with due diligence, term sheet preparation, negotiations, funding, stock options, 409a valuations, 83 b filings, QSBS stocks, setting up foreign related party, patents/trademarks filings and many more besides regular bookkeeping and annual compliances.
Below is a brief explanation on the difference between various entities
It is generally run and controlled by a sole/single proprietor. In this form, the proprietor has unlimited liability for obligations incurred by business. All the assets used in business also belong to the proprietor only.
When there is more than one person involved in owning the business, it falls under the term Partnership. Each partner in such a firm has unlimited liability for debt incurred. General partnership, limited partnership and limited liability partnership are different types that could be set by mutual consent of all the partners.
The owner and the business are treated as two separate entities in such a form of business. The owner in this instance has limited liability. Shareholders who in turn elect the directors to run the corporation usually own corporations, which are owned privately. A federal election for S Corp can be made which is more tax beneficial.