Determining the correct business structure for your business should take into consideration your specific circumstances, goals and financial expectations. By working with you to understand the legal obligations, expectations for liability limitations, and tax consequences we can help you choose the right business entity classification for your new business.
Registering your business name or filing for business creation can be a daunting task for a new business owner or partner. Freedom Financial Partners will work with you to complete the forms and file them with the appropriate commission or agency. Our experience and repetition in this area help us to do this job quicker and more efficiently.
Your business now has an official name – a business “birth certificate” if you will… Next step is securing tax identification numbers so you can open bank accounts, receive and spend your businesses money instead of yours, and ultimately pay taxes.
Freedom Financial Partners will take care of completing and filing your applications and will present you with the applicable federal and state tax identification numbers your business will require.
Business Planning Support
You have an idea for your business. You have the expertise to do the work. But, do you understand some of the business owner expectations? Business governance, determining licensing and insurance requirements are some of the areas with which Freedom Financial Partners can assist you.
Determining how your business will operate – who and how will decisions be made? the source for start-up equity funding, distribution of profits, and how and under what conditions can ownership be transferred? is critical to clear governance of a new business venture. This document can be called many thing: A Business Operating Agreement, the Bylaws, or a Partnership Agreement are some of the names for this document. The specific name and how formal the document may be is determined by the business entity selected. A Sole Proprietorship is one business entity where this document is rarely formalized, but thinking through these issues is important, regardless of what you call the document.
Freedom Financial Partners builds upon the experience of past business formation documents to provide a framework and structure ready for your business’s specific details to be added. We will work with you to prepare for signature, and filing if required, the business formation documentation required for your chosen business entity.
There are many different types of business licenses that may be required depending on the type of business you are forming. Where your business will be operating will establish in which jurisdictions you must secure licenses. Freedom Financial Partners has been there, we can help. We will work with you and the necessary agencies to determine exactly which licenses are required to perform legally within the desired and expected operating area. We will guide you, assist you with completing the application forms, and follow up to ensure the applications are accepted and your licenses are in effect.
Some licenses or rental agreements have a requirement to show proof of insurance. Depending on the type of work your business will be performing you may have different levels of insurance required. Freedom Financial Partners does NOT provide insurance, we do NOT recommend insurance levels, we DO help you to understand what is required and what insurance requirements apply and are available to insure your business. We will work with you to understand the insurance needs of your business.
Business Financial Support
Freedom Financial Partners is the expert partner you can count on to help you with your financial services needs both during start up and throughout the life of your business. Whether it is developing a budget for your new business, setting up a preliminary chart of accounts for your accounting needs or working with you to understand and determine your business’s banking requirements we will support you throughout the process.
Development of a preliminary budget for the new business will include revenue forecasts, itemization of assets and resources required to conduct business, and operating expense forecasts for initial year in detail, and years 2-5 in summary. This is an important step in determining if you have adequate equity sources to successfully operate your business to the point of profitability. In addition, the budget will help to form your business’s Chart of Accounts.
The Chart of Accounts is an accounting term used to describe the specific accounts set up for financial tracking. These accounts will include your income, expenses, assets, liabilities, and equity accounts. Each business has a unique set of accounts, but similarities exist within an industry. For example, the chart of accounts for multiple construction companies are going to be fairly similar to each other, but the accounts in a restaurants chart of accounts are likely to be quite different.
The budget and the chart of accounts will put you on the way to having a strong foundation to manage your businesses financial health.
Determining how to manage the money- how many, and what type of banking accounts to establish is another area Freedom Financial can provide guidance. Things to consider when setting up your financial accounts are how many monthly transactions are you expecting your bank account to support? Low quantity of transactions may qualify your business for a free checking account. Do you, or will you have a large cash reserve? An interest bearing account might be the best option.
Our specialists will work with you to understand your requirements and make recommendations on exactly what bank accounts will meet your business needs.
If business loans are going to be required to secure sufficient funding, Freedom Financial can help you complete the applications and provide you with the support you need to make the best impression on the lending party to have the highest chance for success.
If you plan to hire employees there is another whole area of complexity to be considered and understood. Department of Labor posters are required to be posted in the work place and compliance with OSHA and safety standards is also required. Freedom Financial Partners knows how and where to gain all the required documentation to ensure your business is compliant with labor law and OSHA.
To get you started off with a great foundation we can work with you to develop employment applications, employee contracts, and the employee manual. The employee manual contemplates the rules and procedures for granting vacation time, handling sick time, and specifying any benefits which may be available to your employees.
If you are a marketer, great, go forth and be successful! If you may not have the marketing and promotion background to jump start your new business, let us help.
Freedom Financial Partners will work with you to come up with a logo and color scheme that fits your business. We can help you with business cards, design a corporate letter head for you, and set up some correspondence templates to help you get started. Web site design, banner creation, and even uniform t-shirts can be purchased through Freedom Financial.