You have decided that you are tired of the 9 to 5 daily grind and you have a great idea that you feel is perfect for a small business. Ahuja and Clark, PLLC (A&C) can help you become your own boss of your small business.
With our every changing tax laws, Ahuja and Clark, PLLC can help you decide on which type of legal structure (S corporation, C corporation, LLC, or sole proprietorship) is best. Under the 2017 Tax Cut & Jobs Act, the corporate income tax rate was reduced to 21%, but it also established a 20% deduction for certain pass-through income. The staff of Ahuja and Clark, PLLC are knowledgeable in the new tax law can help you decide which legal structure provides the most favorable tax position.
According to the U.S. Small Business Administration, over 50% of small businesses fail in the first year and 95% fail within the first five years. Some of the reasons of business failures include:
- Personal use of business funds
- Poor management / Believing you can do everything yourself
- Unprofitable business model
Ahuja and Clark, PLLC can help with all of these areas. In addition to helping you decide which type of legal structure is best, Ahuja and Clark, PLLC can help you set up internal controls/separation of business with personal functions. You are really good at selling widgets, but do you have the knowledge, experience and (more importantly) the desire to deal with all of the back office functions needed to ensure your business is successful? We do! A&C can help you build a sound business model, develop a business plan and evaluate the potential revenue stream.
A&C can also advise you through downturns (what goes up – must come down), provide periodic financial checkups and help set up key performance indicators.
Ahuja & Clark, PLLC has the accounting, advisory, audit and tax professionals that can help you start to grow your business.
For more information, please reach out to us or call (866) 385-8455.