New Business Formation
Business Startup Help in Chicago, IL
Starting your own business can be an exciting and rewarding adventure. But you also have a complex job ahead of you with so many unknown factors to consider. You need to understand and handle many tasks, including administration, financials, operations, sales, and marketing. This can be overwhelming even for those familiar with the processes. But don't let the mountains of responsibilities and fear of the unknown hold you back from actualizing your dream. Osaghae & Associates, Ltd. is ready to provide effective business startup help in Chicago to assist you in overcoming these hurdles and keep your startup grounded.
Our business startup services focus on practical solutions that provide reliable results. We understand the challenges that startup and small business owners have to deal with every day: huge potential, lots of ideas, combined with limited resources and tight budgets. We have top-tier talent and resources to make the entire process of setting up your business faster, easier, and cost-effective. We will also provide professional advice that will give your business the edge it needs to excel and grow. Contact the friendly Chicago startup professionals at Osaghae & Associates, Ltd. to set up your free consultation.
Drafting Your Business Plan and Strategy
One of the most important steps in forming a new enterprise is developing a sturdy and effective business strategy. You need to have a set of clear and attainable objectives or a specific roadmap. We help you put a strategic plan in place to keep your business thriving through all lifecycles. Our business planning process is comprehensive and highly collaborative.
We'll help you identify your most profitable customers, refine your business model, put together profit and loss projections, determine overhead costs, define your processes, and identify marketing and sales strategies. Our Chicago accountants work with you to understand your goals and vision, so your final business plan is tailored to meet your unique needs.
Choosing the Right Business Entity
Entity selection is a necessary part of starting a business. The type of business structure you choose will impact almost all aspects of how your business operates. As such, this is not a decision to be made lightly or without sound advice from business experts.
Our Chicago business startup team can assess your needs and help you pick the legal structure that best fits your new company. We base our determination on three primary factors: taxation, liability, and record-keeping. The business entities we work with include:
Sole Proprietorship: This is the most common and simplest business entity to set up. A sole proprietorship is run by one person or a married couple. It offers the greatest flexibility and gives complete managerial control to the owner. However, this structure does not offer the separation or protection of personal assets. The business owner is personally liable for all financial obligations and debts of the business.
Partnership: This is an unincorporated entity with at least two owners who agree to share in the profits or losses of a business. Taxes upon the business activities are paid by the partners based upon their respective share of profits or losses. The partners have equal right to make business decisions and are also equally liable for business debts.
Corporation: Ideal for bigger businesses, a corporation becomes a separate entity from its owners. It can own and sell property, sue, be sued, and sell the rights of ownership in the form of stocks. The key benefit of this structure is the avoidance of personal liability. However, double taxation when revenue comes in and when dividends are paid is a major drawback for certain corporations. There are several types of corporations, including S-corporations, C-corporations, B-Corporations, nonprofit corporations, and closed corporations.
Limited Liability Company (LLC): This is a hybrid structure that is treated like a corporation to limit personal liabilities for owners, partners, or shareholders while providing the tax flexibility of a partnership or sole proprietorship. The owners or partners report their share of profit or loss on their personal tax returns.
Whether you choose to start a sole proprietorship, LCC, corporation, or partnership, our business filing experts can file your paperwork quickly and reliably, allowing you to focus on strategic business priorities.
Setting Up Reliable Accounting and Bookkeeping Systems
Accurate accounting and bookkeeping are vital in running any business efficiently and profitably. You need to streamline your accounting setup and make it compliant with industry-specific practices. Our accounting professionals can guide you around common accounting pitfalls and provide your company with individualized services to keep your financial transactions organized.
We help you manage your finances, maintain your books, and create a chart of accounts to ensure you have timely access to your financial information. Our accountants leverage the latest technologies and techniques to deliver the best quality services. Beyond accounting and bookkeeping, our startup consulting firm in Chicago also helps startups with payroll compliance and tax planning.
Reliable Business Startup Help in Chicago
At Osaghae & Associates, Ltd., we take pride in empowering startups to thrive and achieve sustainable growth. Our Chicago business startup consulting firm is tailored to ambitious entrepreneurs who want to achieve lasting success and growth. We have a range of strategies and an experienced team of business advisors to help you start your entrepreneurship journey with confidence. Contact us today to schedule a consultation and begin preparing for your financial success!