New Business Formation
Starting a new business is exciting. Also thrilling and little bit scary because of risks. Uncertainty is always there that if starting a business is a food idea? Will it be successful? What are the risks? blah blah. But do not worry TaxRaja has the solution for it. We specialize in New Business Formation. And we can help you through it and can help your business get up and running and off to a strong start.
We help to brainstorm ideas
Each business starts with a simple idea. There are many things that you’re really knowledgeable and passionate about, or perhaps you think you’ve found a way to fill a gap in the marketplace. Wherever you are interested in and whatever your business ideas are, it’s almost sure that there’s a way to turn your idea into a profitable business.
We help to build a business plan
After you get idea for your business you need to ask yourself a few important questions: What does your business intend to do? Who are your customers? What is the goal of the business? How will the business run? The business plan you make figure’s out where your company is going to go in a span of time, how to overcome potential problems and what you need to withstand it.
Finances & New Business Formation
Operating a business comes with a cost, so you need to fix how your business is going to run along the way. Do you have the sufficient funds and finances for your business or will you need to borrow money? If you are in an arrangement to make your new business your full-time job, it’s sensible to wait until you have at least some money put away for startup costs and for sustaining yourself in the beginning before you start making a profit.
We help you to define your legal business organization
Before you can register your company, you need to decide what kind of entity it is. Your business structure legally affects everything from how you file your taxes to your personal liability if something goes wrong.
Register with the government and IRS
To become an officially recognized business entity, you must register with the government. Corporations will need an articles of in cooperation document, which includes your business name, business purpose. And even corporate structure, stock details and other information about your company. Otherwise, you will just need to register your business name, which can be your legal name. That is, the name you’ve come up with for your company. You may also want to take steps to trademark your business name for extra legal protection.
After you register your business, the next step is obtaining an employer identification number (EIN) from the IRS. While this is not required for sole proprietorship with no employees. You may want to apply for one anyway. Just to keep your personal and business taxes separate. Or simply to save yourself the trouble later on if you decide to hire someone else.
Select your technology
Just about every business today needs a solid set of tech tools to operate. Some will be more tech-heavy than others depending on the industry. But at the very least, you will likely need a powerful and reliable business laptop or smart device to help you keep things organized.
Purchase an insurance policy
It might slip your mind as something you’ll “get around to” eventually. But purchasing the right insurance for your business is an important step that should happen before you officially launch. Dealing with incidents like property damage, theft or even a customer lawsuit can be costly. So you need to be sure that you’re properly protected.
Choose your partners
Running a business can be overwhelming. And you’re probably not going to be able to do it all on your own. That’s where third-party vendors come in. Companies in every industry from HR to business phone systems exist to partner with you. And help you run your business better.
Build your team
Unless you’re planning to be your only employee, you’re going to need to hire a great team to get your company off the ground.
Market yourself and advertise
A business startup idea won’t be good if people don’t know about it. Before you start selling your product or service, you need to build up your brand. And then get a following of people ready to jump when you open your literal or figurative doors for business.