The form of ownership I will operate under will be a Limited Liability Company (LLC). Since I am not going to incorporate but I will have the advantage of Limited Liability against my personal assets not associated with the business.
I feel a LLC is best for me because of the amount of capital needed for the start up fees. I can finance the start up fees and get the company rolling with out having to borrow any money. Also since I am the sole owner, I do not have to worry about the issuance of stock and the double taxation of a corporation as well as the extra fees that also comes with starting a new corporation.
License, Permits (Local State, Federal)
• Seek Trademarks/Business name
• Get business license
• Register articles of corporation with the State Corporation Commission
• Get Federal ID Number
• Register the “tangible property” for the business with Henrico County
• Find out the zoning ordinance for the area
Critical Factors To Success
1 Year –
• Being able to cover all fixed cost with out going in the hole (Red).
• Close monitoring of all accounts
• Schedule regular meetings with all clients
• Consistency of not being audited/passing audits with no problems
• Friendly & attentive service
• Finding a competent Data Entry Clerk & Administrative assistant.
• Gaining at least 15-20 additional clients to take the number of clients from 15 to 30 or 35
3 Years –
• Having 100 or more clients
• Hire an additional accountant who specializes in tax preparations
• Have an additional office outside of the home office