Services for New Businesses

Services for New Businesses in Plano from our Business Accountants

If you are a new business owner or  are contemplating becoming one, you are likely feeling a bit overwhelmed with all the record keeping and tax compliance requirements.  Steve Hill & Associates LLC has a team of Plano small business professionals who are well-positioned to provide a sense of relief. We have been helping individuals transition into successful business owners in Plano, Frisco, McKinney, Richardson, North Dallas and the surrounding communities for over 20 years.  Here a few of the ways we can help:

  • Business Selection – Although most of our new clients have already identified a business they want to buy or start before they contact us, others  such as those who have opted for early retirement from their job or who have recently gained access to seed money, contact us to help them find a suitable business to purchase.  Through our relationships with local business brokers, the new business formation experts at our Plano office can help you find a business that is suited for your particular skills, resources and budget.

  • Business Evaluation – Once you have identified a business you are interested in purchasing, it is critically important to do considerable due diligence and determine if the business is viable and if it is worth the price.  We can assist by interviewing current owners and management and analyzing historical financial statements and tax returns.  We will look for anomalies and evaluate cash flow.  We will also forecast future cash flow and determine if it is adequate to handle your debt service and your return on investment expectations.  With our years of experience helping Plano clients purchase or develop new businesses, we have seen many succeed as well as many that fail.  We can apply that experience to your situation and help you make an informed purchase decision.

  • Purchase Price Negotiation - Once you have identified a viable business to purchase, the next step is to negotiate the purchase price and terms that will result in you achieving your financial objectives.  There is a lot more to the process than just settling on a price.  Other things, like seller financing terms, non-compete agreements and representations and warranties. must be considered.  We can also put you in touch with one of our business attorney relations to formalize a purchase agreement.

Selection of Business Structure

Whether it is an LLC, C-Corporation, S-Corporation, Partnership or Sole Proprietorship, selecting the best business structure is one of the most important factors in becoming the successful owner of a new business in Plano, Frisco, McKinney, Richardson, North Dallas, and the surrounding communities.  Tax advantages, legal exposure, ease of operation, ownership structure, and portability must all be carefully evaluated before choosing a business structure.  We are well-versed in the advantages and disadvantages of each entity type and will help you select the one that is most appropriate for your particular situation.

Formation of Legal Entity

Once we have helped you select the appropriate business structure, we can then help you establish the appropriate legal entity.  We have an account with the Texas Secretary of State, which enables us to get your legal entity established within just a few hours.

Obtain Necessary Tax Numbers and Permits, Assumed Name Certificates, Etc.

Once your legal business entity is formed, you will likely need some or all of the following:  IRS Employer Identification Number, state sales tax permit, state franchise tax account, Workforce Commission account and state and county assumed name certificates.  Our Plano new business experts can obtain most of these for you and guide your through the entire process.

Steve Hill and Associates has the know-how to help you successfully acquire or start a new business in Plano. Contact us today to find out how our team can assist you. If you have already purchased or started a new business, please take a moment to review our New Business Checklist under the next tab to make sure you are covering all the critical bases for your new business.

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