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Burkhalter & Associates PC

New Business Formation

Contact Us (865) 984-4080

Starting a Small Business in Tennessee

Experienced Support to Get Your Dream Off the Ground

You’re on your way to realizing your dream of owning a business, but there’s a lot that needs to be done first. From filing forms and acquiring funding to learning to handle your business operations, all these responsibilities can feel daunting for a first-time entrepreneur.

Burkhalter & Associates PC works with aspiring owners to help them navigate the complexities of new business formation. Our Maryville office has years of experience helping to launch new ventures, and we’re ready to put our skills to work for you.

Schedule a consultation today to see how we can help your business hit the ground running.

Building a Solid Business Plan

Starting a business needs more than just the concept. To start off right, you need a business plan in place. A solid business plan takes your basic ideas and builds an outline with concrete details and goals to follow. It forms a blueprint for your business and allows you to spend more time establishing your business rather than trying to figure out how to do that in the moment.

This business plan also acts as your pitch to any potential investors or lenders. Banks see companies without a business plan as unreliable and likely to fail, making it harder for you to get a loan at a good rate. We know how to build business plans to wow investors, and having a professional accountant on your side lends credibility to your pitch.

Choosing the Appropriate Business Type

Choosing your business type is another critical aspect of business formation that will have dramatic effects on how your business functions. Everything from taxation to regulations and legal liability is decided by which entity type you register your business under. One entity type might sound ideal before you start, only to become a hindrance to your business in practice.

There are numerous choices for business entities, and they vary widely in what they can do. The most common types are:

  • C Corporation: The entity type used by most companies in the US. It allows unlimited growth in stocks and has no shareholder limit. It’s also heavily regulated and expensive to launch.
  • S Corporation: Similar to a C Corp, but smaller and even more regulated. Shareholders must be US citizens and are limited to 100 at any given time. S Corp status can be forfeited if specific tax qualifications are not met.
  • Limited Liability Company (LLC): The simplest of the business structures. LLCs don’t require a business tax return, as earnings are reported in personal returns. This type limits personal liability for debts and obligations. However, stock sharing is prohibited.
  • General Partnership: You and your partners are jointly responsible for the business. This type faces no double taxation, but all partners are equally responsible for any debts and obligations.
  • Sole Proprietorship: You are the business. Formation of this type is simple and requires no state filing. As you are recognized as the business, you become wholly responsible for any debts and obligations.

Ready to Help You Build a Successful Launch

New businesses have a real disadvantage when they enter the market, but with experienced help, you can overcome these challenges and help your business thrive. Burkhalter & Associates PC is passionate about helping new businesses succeed, and we look forward to helping you do the same.

Schedule your consultation today!

Burkhalter & Associates helps you...

  1. Prepare an initial business plan to clarify your marketing, management, and financial plans.

  2. Determine your start-up capital needs.

  3. Identify sources of start-up capital and backup sources if needed.

  4. Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed.

  5. Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate.

  6. Select the right accounting software by evaluating your budget, needs and hardware.

  7. Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements are always emotionally painful.

  8. Establish billing and collection procedures to maximize your cash flow.

  9. Establish procedures to monitor and control costs.

  10. Setup a home office so you can maximize your tax deductions.

  11. Prepare and file all required state and local licenses and permits.

  12. Prepare and file your application for your Federal Employer Identification Number.

  13. Provide payroll and payroll tax filing when you bring on your first employee.

  14. Comply with employment laws so you don't get hit with fines and unhappy employees.

  15. Identify your business insurance needs.

  16. 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.

Find out how our Tennessee firm can help, schedule a consultation today.

Let Burkhalter & Associates help you succeed by getting your new business off to a good strong start. Please complete the form below to learn more about our New Business Formation Services.

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