After a period of time, our busy professional clients often yearn to leave the big corporations they work for and strike out on their own. They may want to start a consulting service, buy a franchise, or back a son or daughter in starting up their business. Whatever their plans may be, they are often drawn to the greater flexibility in who they work with, or for, and love having more control over their calendar.
We have helped several clients make this transition and thrive as entrepreneurs on the other side.
Some questions we help answer:
- What type of legal entity should I be forming? LLC? S Corporation? Other?
- What tracking do I need to set up for tax purposes? Do I need to purchase Quick Books, or can I use a spreadsheet?
- What annual activities are required for my new company? State registration? Other?
- What expenses are considered eligible business expenses?
- How do I determine what estimated tax payments I should make for federal and state purposes? How do I make these payments – Online? Coupons??
- How do I handle invoicing?
- Do I need to get a business checking account and credit card for my business?
- I would like to purchase phone/computer/office equipment for my new business. Can I do this now or should I wait until I create my new business entity?
- What professional liability insurance do I need?
- Should I just go with COBRA for health insurance for me and my family? Should I shop on the ACA exchange?
- What actions should I take before I leave my current employment:
- LTI plans: Do I exercise my outstanding options now, or wait until I leave? When do they expire?
- Do I need to start taking deferred compensation withdrawals?
- Should I maximize my 401(k) contributions, and corresponding employer match, before I leave?
- Any concerns with non-disclosure agreements (NDA’s)?
- What else should I be thinking about that I’m not?
Many of these areas will also require the services of your attorney and/or accountant and we are happy to jointly consult with these professionals.