Business & Financial Solutions will assist individuals in the startup of a new business or partnership from the ground up, in Montgomery County MD, or throughout the United States. Services includehelp with start to finish setup of the company or organization.

Business Entity & Registration

In setting up a new company, there are various entity formations for which the company may be chartered. For example, you may set the company up as a Corporation, Limited Liability Company, Limited Liability Partnership and there are a few other ways that the company may be formed. The tax benefits and other reasons for each are complex for each. Even with the Corporation there are the C-Corp and the S-Corp, each very different from each other. It is essential to understand the differences between the different structures before deciding how to incorporate or organize your company Charter.

BFS can explain the differences in the the various entity formations during our consultation. Once BFS understands the direction your company is headed, we can offer our suggestions as to which formation we feel is best for your company. We will write the Articles of Incorporation, or Articles of Organization for your company for most states, and the District of Columbia. The resident agent for the company has to reside in the state for which it is chartered. Business & Financial Solutions may only serve as resident agent for companies in the state of Maryland. However, we have affiliates in most states that serve as resident agents in those states. Of course you also have the option to serve as resident agent of your own company, provided your company is chartered in the state for which you reside.

After getting the company chartered there are other formalities that have to be met to formalize the company, including obtaining the EIN for various taxing entities, setting up unemployment account numbers sales and use tax numbers, conducting the initial corporate or organizational meeting, and other tasks where BFS can assist. For additional details on our services call (240) 403-0845 or email info@bfswebsite.com.

Business & Financial Plans

Each startup or new company, as well as existing companies, should have a solid business plan, which consist of a section for the financial plan. This plan is essentially a roadmap for the company. It shows how much is needed in startup funds and from where the funds are expected. The plan offers a summary of the company's mission, activities, its goals, projected income, cost of goods, expenses, asset purchases and depreciation, liabilities, and cash flow, to name a few. An explanation of the numbers is common practice in preparation of the business plan. Of course, the aforementioned is the simplified version of the business plan content.

Needless to say, it is probably best that business plans be prepared by professionals. In the the Montgomery County, Maryland and the Washington DC Metro Area, Business & Financial Solutions has become a popular name in the preparation of business plans. In more recent years our accounting firm, located in Rockville, MD has prepared business plans for companies across the country.

501 (c) 3 Applications.

BFS, Inc has written successful 501(c)3 applications for non-profit organizations in multiple states, including Maryland, Virginia, Alabama, Louisiana, Arkansas, Georgia, North Carolina and the District of Columbia, to name a few. The 501 (c) 3 Application, as it is usually referred to by non-profit organizations, is actually filed on Application form 1023 with the Internal Revenue Service. It is this approved application that actually qualifies the organization as a non-profit entity. Not the state charter. You should not be misguided. Because your charter is setup as a non-profit organization in your state, this does not complete the process in setting up the company for non-profit status. You must be approved by the IRS to qualify for 501 (c)3 non-profit charitable status. Until your organization gains this status, contributions made to it are not tax deductible. If you would like help with more details, please contact us at (240) 403-0845 or email us at: info@bfswebsite.com. Call us for your free consultation in Rockville, MD.