Despite all of the economic damage done in 2022 as a result of Covid 19, there are nonetheless a lot of start-ups in the Bay Area. There are people with that entrepreneurial spirit who are not going to let a little thing like Covid get in the way of their ambitions, and they are the optimists who are looking forward instead of back. All power to their elbows!
Starting a business in San Francisco, whether on your own or with a partner, can be quite a scary thing to do if you have never started one before. Suddenly, you have gone from being an employee and working for a boss to being the boss yourself. There is no guaranteed pay-check at the end of the month, so you have to get out there and get customers / clients if you want to write one out for yourself.
When you are a start-up, you focus entirely on that – getting customers through the door and providing the products or services that you supply. That, of course, is how it has to be, because if you don’t succeed at that you have no business. You also have no income, so it focuses the mind quite hard.
You Need To Consider Taxes
However, as one of the leading accounting firms for start-ups in the Bay Area, at Safe Harbor we know that there is something else that you need to take into consideration, and that is taxes. Yes, we understand that those are the last things on your mind right now, but you really do need to look at accounting firms for start-ups in the Bay Area, because it just makes sense.
The point is that, apart from anything else, there are different ways that you can form your business. You could be a sole trader, but you might be a partnership. It may be best to form an LLC. There are also C Corporations and S Corporations.
Working on the assumption that you are going to make your business succeed, that means that at some point you are going to have to start paying taxes, and the way that you form your business can have an effect on how much – or how little – tax you may have to pay in the foreseeable future.
Since you want to pay as little tax as possible (you do want to, don’t you?) you need to start off on the right foot. That is why, as one of the foremost accounting firms for start-ups in the Bay Area, you need to talk to one of our tax experts who can advise you of the best form for your business, so that in future you can keep as much of the money that you make for yourself as possible, rather than giving it to the IRS.