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Fundamental
Questions:
First
set of questions:
1.
Are you converting an existing business into an entity? (a sole
proprietorship into an S corp) Or is this a new business?
2.
Do you have any current lawsuits?
3.
Do you have a partner? (this brings into play an LLC)
4.
Are you a US citizen or do you have a green card or work permit?
(S corp question).
Second
set of questions:
5.
How much earned income do you currently earn?
6.
How much earned income do you earn each year?
7.
Do you have a current job where certain benefits are paid, like
a retirement plan, health insurance…
Third
set of questions:
8.
What do you expect to earn in gross sales the next 12 months?
9.
What do you expect to earn in net profit in the next 12 months?
10.
What about to the end of the year for both groups?
11.
Do you expect to accumulate inventories during the first year? Do
they have a significant net worth?
Fourth
set of questions:
12.
IF, as a new business:
A.
Do you expect to lose money the first year?
B.
How much in capitalization or loans will the new company need to
get started?
C.
Do you expect to gross a net worth in your business in year one?
D.
Do you require a calendar year end or can you have a fiscal year
end?
E.
Are you going to continue receiving income personal from other than
this new entity.
F.
Will there be significant assets in this business that accumulate
in value?
G.
Is it important for the employee/owner to be able to borrow against
their qualified pension plan?
H.
How does your state tax S corps, C corps or LLCs?
Fifth
set of questions:
13.
Does your business sell a service or a product?
14.
If a service is there more than 50% of the revenue going to be generated
by the owner?
Back
We
feel the first step in your
new business is a critical one. Which entity
is best for you? Please call us at (888)
466-7566,
and ask for a free consultation with a Senior Consultant.
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Phone: (888) 466-7566
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