Business Consulting & Advisory

Sole Proprietorship

A sole proprietorship is the simplest and most common form of business structure. Here are some key features:

• Ease of Setup: Quick and easy to establish with minimal paperwork.
• Control: Complete control over business decisions and operations.
• Tax Advantages: Income is reported on your personal tax return, simplifying tax filings.
• Liability: Owner is personally liable for all business debts and obligations.

How HH Accounting Services Can Help:

We ensure you understand the implications of operating as a sole proprietor, help you maintain accurate financial records, and provide tax preparation services to keep you compliant with local and federal regulations.

Partnership

A partnership involves two or more people who agree to share in the profits and losses of a business. There are two main types: General Partnerships and Limited Partnerships.

• General Partnership: Partners share equal responsibility and liability.
• Limited Partnership: Includes both general partners (who manage the business) and limited partners (who invest capital but have limited liability).

Advantages:

• Shared Resources: Combines skills, resources, and capital from multiple partners.
• Tax Benefits: Profits are passed through to partners and reported on their individual tax returns, avoiding double taxation.

How HH Accounting Services Can Help:

We assist in drafting partnership agreements, ensuring that each partner’s rights and responsibilities are clearly defined. Our bookkeeping services help manage shared finances, and we provide tax advisory to optimize your tax benefits.

Corporation (Including S Corp)

A corporation is a more complex business structure that is treated as a separate legal entity from its owners.

• Limited Liability: Owners (shareholders) are not personally liable for business debts.
• Perpetual Existence: The corporation continues to exist even if ownership changes.
• Taxation: C Corporations face double taxation (corporate profits and shareholder dividends). S Corporations avoid double taxation by passing income directly to shareholders.

How HH Accounting Services Can Help:

We guide you through the incorporation process, ensuring compliance with state regulations. We offer comprehensive accounting services to manage corporate finances and provide strategic tax planning to minimize tax liabilities.

Limited Liability Company (LLC)

An LLC combines the liability protection of a corporation with the tax benefits and flexibility of a partnership.

• Limited Liability: Owners (members) are protected from personal liability for business debts.
• Tax Flexibility: Can choose to be taxed as a sole proprietorship, partnership, or corporation.
• Operational Flexibility: Fewer formalities compared to a corporation, with more management flexibility.

How HH Accounting Services Can Help:

We help you establish your LLC, ensuring all legal and regulatory requirements are met. Our services include ongoing bookkeeping, tax preparation, and compliance management to keep your business running smoothly.

Why Choose HH Accounting Services?

At HH Accounting Services, we are dedicated to providing personalized and expert guidance to help you make informed decisions about your business entity.

Our team of experienced accountants and bookkeepers will ensure your business is set up for success from the start and remains compliant with all financial and regulatory requirements. Contact us today to schedule a consultation and take the first step towards a successful business journey.

HH Accounting Services – Your Partner in Business Success