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Your Mobile Car Wash Business Entity
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After covering the basic types of business entities you should now have a better idea of the pros and cons of each type. We also encourage you to do some research on your own at your local library. With this information you will now want to discuss entities with your newly found accountant or lawyer.
Your accountant should be able to help you determine what entity is most appropriate for your business based on tax consequences. A seasoned accountant will also have a pretty good idea of the liability issues of each entity but will have to refer you to your lawyer for any legal advice.
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Once you decide on your business entity you then need to figure out who will file the paperwork. As a sole proprietor it probably makes the most sense for you to do it yourself as the process is quite streamlined and straightforward. If you are looking at an LLC or corporation, the initial and ongoing filing procedures become a bit more complex. In these cases we recommend using a professional.
Although there are a host of do-it-yourself incorporation packages on the internet, we still feel the best thing to do is work through a professional who has experience setting up the entity that you are looking for. A professional will also be able to keep you up up-to-date and in compliance with future, periodic filing requirements such as officer meetings and resolutions.
We certainly don’t want to discourage you from managing this process yourself. If you are confident that you can do it correctly, you will save at least a couple hundred dollars. Just keep in mind that if there are any issues with your initial or ongoing paperwork, you will likely have to pay much more to have a professional resolve these issues.
One more point to make about keeping your entity current. More and more states are cracking down on delinquent corporate filers. They are imposing fines, penalties, and in some cases setting the business into default status. This again just reinforces the importance of keeping up to date with your ongoing state filing requirements and making sure you prepare and submit the necessary forms within the deadlines specified.
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