One of the most vital skills for a small business owner is learning what they can effectively delegate to a professional. You know what you do well and where you have weaknesses; and if one of your weaknesses is dealing with in-depth financial and legal issues, then it makes good business sense to consult with a professional in this area. We offer a wide range of experience with our business consulting services available in New Jersey and the Greater Philadelphia area.
The two critical elements to starting up a new business are writing a solid business plan and securing the financing you need to get off the ground quickly and effectively. And one of the most common mistakes new entrepreneurs make with their business plans is overestimating the revenue or sales they are going to bring in during their first few years. With the help of a third party professional, you can gain a more conservative/realistic outlook on your initial revenue estimates, helping your business operate within the necessary parameters to survive (and thrive) during the start-up period.
As tedious as it may sound when considering the prospect of building a business from scratch, every new business needs to have all of their essential paperwork in order from the start. Get your back office set up quickly and correctly with the help of an advisor from Patterson & Associates.
In today’s litigious society, limited liability companies are a very popular option. An LLC can protect business owners from liability the company may incur during its operations, while avoiding the extra paperwork associated with forming a Corporation. Let Patterson & Associates guide you through the process of setting up an LLC, and be confident that your company’s officers have the security they need to effectively operate your business.
C corporations are the standard corporate entity, offering liability protection (any liability the corporation incurs is not held by the owner except in very specific circumstances) and the ability to be publicly or privately traded.
S Corporations are variations of the standard (C) Corporation that offer significant tax benefits. Specifically, because the profits and losses of an S Corp are reported directly on the tax returns of the shareholders, they’re only taxed once (as opposed to once when the business files taxes and then again when the shareholders file taxes). An S corporation cannot have more than 100 shareholders, however, so it is geared toward smaller entities.
Nonprofit entities can be more complex to establish than corporate entities, with many more rules to follow. Patterson & Associates has extensive experience setting up nonprofit organizations, and we can help you set up yours.