New Business Formation
Starting a business involves decisions that affect your taxes and liability for years. We help you choose the right structure, complete the registrations and set up your books so the business starts on solid ground.
How Nelson & Associates handles New Business Formation
Sole proprietorship, LLC, S corporation or C corporation: each has different tax, liability and administrative consequences. We compare them using your expected income and plans, then help you form the entity with the Florida Division of Corporations, obtain your federal EIN and make the right tax elections on time.
We also register for Florida sales tax and reemployment tax when needed, help you obtain local business tax receipts, set up QuickBooks and payroll, and explain your first-year filing calendar. Foreign entrepreneurs opening a U.S. company get guidance on the additional reporting that applies to them.
Who this is for
- Entrepreneurs starting their first business
- Freelancers ready to form an LLC
- Partners launching a company together
- Foreign investors opening a U.S. company
- Professionals forming a professional association (PA) or PLLC
- Existing businesses considering a change of entity
Everything covered in our New Business Formation service
- Entity comparison with tax projections
- Florida LLC or corporation formation
- EIN application and S corporation election (Form 2553)
- Florida sales tax and reemployment tax registration
- Local business tax receipt guidance
- Operating agreement coordination with your attorney
- QuickBooks and payroll setup
- First-year compliance calendar
The paperwork behind New Business Formation
| Articles of Organization / Incorporation | Filed with the Florida Division of Corporations |
|---|---|
| Form SS-4 | Application for an Employer Identification Number |
| Form 2553 | Election by a small business corporation (S corporation) |
| Form 8832 | Entity classification election |
| Florida DR-1 | Application to collect sales tax and register for reemployment tax |
| Florida annual report | Due each year between January 1 and May 1 |
What we’ll need from you
Have these ready and your first meeting goes faster. Missing something? We’ll help you find it.
- Business name and owners' information
- Business address and description of activities
- Expected revenue and owner compensation
- Partner or shareholder ownership percentages
- Passports and visa details for foreign owners
How it works, step by step
Plan
We compare entity options based on your goals.
Form
We register the entity, EIN and state accounts.
Set up
Books, payroll and bank accounts are set up correctly.
Launch
You get a calendar of every filing and deadline for year one.
Why clients choose us for New Business Formation
Small firm personality
You work with the same people every month, and they know your business.
Big firm capability
CPA-level reporting, controls and tax insight for growing companies.
Florida rules handled
Sales tax, reemployment tax, annual reports and property tax on one calendar.
Global business experience
Experience with companies trading across the U.S., Latin America and Europe.
New Business Formation across the United States
From our Doral office we provide New Business Formation to clients in all 50 states and Washington, D.C. Hover over a state to see its tax profile and the cities we serve; tap it to open the state page.
Services clients often pair with this
Business Tax Preparation
Corporate, S corporation and partnership returns, plus Florida corporate income tax, prepared from clean books and filed on time.
Learn more QuickBooks ServicesQuickBooks Setup
QuickBooks Online setup with a chart of accounts, bank feeds, products, sales tax and payroll configured for your business and your tax return.
Learn more Business Accounting & AdvisoryPayroll Services
Full-service payroll with direct deposit, federal and Florida payroll tax filings, year-end W-2s and new-hire reporting.
Learn more Tax Preparation & PlanningInternational Tax
U.S. tax planning and compliance for foreign companies and individuals doing business in the U.S., and for Americans operating abroad.
Learn moreMore in Business Accounting & Advisory
New Business Formation FAQs
6 answers to the questions clients ask most. Don’t see yours? Ask us directly.
Should I form an LLC or a corporation?
An LLC offers flexibility and liability protection with simple administration. A corporation may suit companies raising investment. Either can elect S corporation status. We compare the options for your situation.
When does an S corporation election make sense?
Usually when the business earns enough profit that paying owners a reasonable salary plus distributions saves more in self-employment tax than the added payroll and compliance cost.
Do I need to register for sales tax?
If you sell taxable goods or services in Florida, yes, before you start making sales. We handle the registration.
Can a foreign person own a Florida LLC?
Yes. Foreign-owned single-member LLCs have specific IRS reporting requirements, such as Form 5472, which we set up from the start.
Do I still need to file a beneficial ownership report?
Under current FinCEN rules, U.S.-formed companies are exempt from beneficial ownership reporting, while certain foreign companies registered to do business in the U.S. must still report. We confirm the current requirements when you form.
Do you offer New Business Formation outside Florida?
Yes. Our office is in Doral, Florida, and we work with clients across the United States and abroad through secure uploads, phone and video meetings and e-signatures. South Florida clients are welcome to meet with us in person.
Talk to a CPA about New Business Formation.
Your initial consultation is free. Call us, email us or visit our Doral office, and we’ll tell you exactly what you need and what it will cost.