New Business

DBA, LLC, INC or 501c3?

Which one is right for you?

Choosing the right business structure is one of the most important decisions you’ll ever make.

Sole Proprietorship

One of the simplest and most flexible forms of doing business however, there is no separation between business and personal assets in the event of liability. With a Self-Employment Tax of 15.3% and an increased possibility of being audited, this selection should be carefully considered.

Limited Liability Company

The ability to create a formal brand, receive personal protection from the business and no corporate taxation has made LLCs a popular choice for new business owners. Personal protection may not be possible and taxation can be quite burdensome without the proper number of members or not being designated as a disregarded entity.


The guaranteed protection on the personal assets of its shareholders is an attractive reason for many to choose to incorporate.
Nonetheless, its double taxation feature could be too great for small businesses and their owners.



Not for Profit (501c3)

There are many reasons why people decide to start non-profits. Obtaining an IRS tax exempt status for your organization can offer several benefits. It is important to properly complete form 1023 to ensure prompt receipt of designation and avoid the forfeiture of fees.



10 Step
New Business Startup Guide

1. Name your Business
a. DBA

2- Select a Business Structure
a. Sole Proprietorship
b. LLC
c. Inc

3- Federal Tax ID

4- Choose proper Tax Treatment
5- Open Bank Account

6- Permits
a. County
b. City
c. Sales Tax Certificate

7- Business Insurance
a. Business Liability
b. Workers Compensation

8- DUNS Number
9- Business Credit
10- Trademark


Call to schedule your free consultation.

Are you a Business Owner, Self-Employed or 1099 misc?


There are several strategies you can employ in order to ensure that you start cutting your tax liability today.
1- Formalize your Business
Whether you incorporate yourself as an INC or organize yourself as an LLC you need to ensure that you properly structure your business in order to address potential liability issues and take advantage of tax deductions.
2- Designate your Business as an S-Corp
By designating your business as an S-Corp
you will immediately reduce the 15.3% Self-Employment Tax you normally would owe for any Net Profit. Do not forget however that you must put yourself on payroll with a reasonable compensation.
3- Set up a Retirement Plan
According to a 2018 study, 1 in 3 Americans have less than $5,000 saved for retirement. If you are any kind of business owner and you are not contributing to a retirement account, then you are overpaying in taxes. .
4- Income Splitting
Income splitting is a wonderful tax savings technique where income from a high-income earner is transferred to a lower-income earner, commonly, family members. By issuing corporate shares, you can pay dividends.
5- Employ your Children
Payments for the services of a child under
age 18 who works for their parents in a trade or business, are not subject to social security or Medicare taxes. If the child is hired to  perform domestic work in the parent’s private home, they are not subject to social security and Medicare taxes until they reach the age of 21.
6- Income Shifting
Because most businesses tend to have fluctuations in taxable income from year to year, the use of a fiscal year can provide a leveling effect by shifting income between tax years.

For these and many other Tax Strategies,
contact us for your initial Free.
We can create a customized Tax plan for you and your business.


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    Walter QuesadaNew Business Formation