1. Business

How an accountant can help you in incorporating your business?

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If you want to incorporate your business, hiring an experienced accountant like Birmingham Accountant will be one of the best investments you can make. Once your assigned accountant knows of your tax situation, he can develop the perfect structure when it comes to making decisions such as whose family member will have control over the business, and how much control the founder will have.

In what ways your accountant can help you in forming a company?

  • Forming a holding company

This is the main benefit of hiring a Birmingham accountant to incorporate your business. Also, he can tell you if you require a holding company to help you protect your profits. Moreover, a professional accountant can also set up a family trust to help your corporation reach its next level of success.

  • Creating a family trust

The purposes of a family trust are:

  • To minimize estate taxes
  • To transfer ownership tax-free to the next generation
  • To maintain the control of the corporation with the founders
  • To do an income split with family members through the trust

Creating family trust is very complicated. So, be sure to talk to your hired accountant before further pursuing a family trust.

  • Maintaining your Minute Book

A Minute Book contains all your important documents that prove your business is a legitimate corporation. This book has the following items:

  • Director, officer, and shareholder registers
  • Share certificates
  • Your corporate bylaws
  • Minutes of meetings
  • A certificate of incorporation

Remember that after every annual meeting, your Minute Book must be up to date. If you ignore this, you can face some major penalties. Hiring a Cheylesmore Accountant Birmingham is an inexpensive way to make sure that your Minute Book is well-maintained and protects you from various issues.

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