New Business Formation

We know that starting a new business entity is an important undertaking and L.F. Hodge & Associates, Inc. can help simplify your new business formation procedures and assist you through the process with minimal time lost and money spent.

Selecting the right business entity type is one of the key factors to consider.  We can help guide and advise you on selecting the appropriate entity structure, as to what specific benefits each entity may have for you now and in the future and will position you to achieve the most tax advantage benefits.

We can also assist in creating a methodical plan that will greatly increase your chances of growing and maintaining a successful business.  We will help you avoid the common pitfalls that many new small business owners make when starting their new ventures.

Our new business formation and advisory services include:

  • Selecting the appropriate entity structure (i.e., C-Corporation, S-Corporation, LLC, Partnership, Sole Proprietor, etc.)

  • Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road

  • Assistance with preparing and filing of all required federal, state and local applications, licenses and permits

  • Prepare an initial business plan to clarify your marking, management and financial plans

  • Determine your start-up capital needs and identify sources of start-up capital, if needed

  • Prepare projected financial statements or cash flow projections

  • Establish procedures to monitor and control costs

  • Establish billing and collection procedures to maximize your cash flow

  • Selection of the right accounting software by evaluating your budget, needs and hardware

  • Determine potential payroll tax reporting requirements or independent contractor/consultant 1099 reporting requirements

  • For those who wish to work out of their home, we can assist in setting up a home office to maximize your tax deductions

If you are considering starting up a new business, contact us for a consultation and let us help you get your new business off to a good start.