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Business Purchase & Start-Up

Starting and running a business is challenging. Whether you are starting up a new business or buying an existing one, there are decisions to be made every day. Some cause uncertainty and anxiety.

If you are suited to running a business, however, you may find it to be one of the most exciting and rewarding experiences of your life.

Preliminary planning is especially important. It will improve your chances of getting through the first couple of years on sound footing.

We assist new business owners and buyers in setting up and managing the financial side of their business. We also help you think strategically about growth opportunities for the long-term health of the company. Many clients also depend on us to help them implement the latest technology.

Business Structures

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Sole Proprietorship
The sole proprietorship is a simple, informal structure that is inexpensive to form; it is usually owned by a single person or a marital community. The owner operates the business, is personally liable for all business debts, can freely transfer all or part of the business, and can report profit or loss on personal income tax returns.
Limited Liability Company (LLC)
The LLC is generally considered advantageous for small businesses because it combines the limited personal liability feature of a corporation with the tax advantages of a partnership and sole proprietorship. Profits and losses can be passed through the company to its members or the LLC can elect to be taxed like a corporation. LLCs do not have stock and are not required to observe corporate formalities. Owners are called members, and the LLC is managed by these members or by appointed managers.
General Partnership
Partnerships are inexpensive to form; they require an agreement between two or more individuals or entities to jointly own and operate a business. Profit, loss, and managerial duties are shared among the partners, and each partner is personally liable for partnership debts. Partnerships do not pay taxes, but must file an informational return; individual partners report their share of profits and losses on their personal return. Short-term partnerships are also known as joint ventures.
C Corporation
This is a complex business structure with more startup costs than many other forms. A corporation is a legal entity separate from its owners, who own shares of stock in the company. Corporations can be created for profit or nonprofit purposes and may be subject to increased licensing fees and government regulation than other structures. Profits are taxed both at the corporate level and again when distributed to shareholders.
S Corporation
This structure is identical to the C Corporation in many ways, but offers avoidance of double taxation. If a corporation qualifies for S status with the IRS, it is taxed like a partnership; the corporation is not taxed, but the income flows through to shareholders who report the income on their individual returns.

Forms

Online Employer Identification Number

Online PA Enterprise Registration Form