Legal Entity Set-up for Salons

Legal Entity Types:

• We’ll work together to determine the best type of legal entity for your business, taking into account the number of owners, your long term goals, and more.

• Discuss how each structure affects taxation, personal liability, operational flexibility, and regulatory requirements

• Highlight the pros and cons of each entity type for small business owners

Assess Business Goals with Tailored Recommendations:

• Based on the assessment, recommend the most appropriate legal entity for the solopreneur’s situation

• Provide comparisons of costs, complexity, and administrative requirements for each entity type

• Offer insight into the long-term implications of each legal structure.

Step-by-Step Setup Guidance:

• Assist with registering the business entity with the appropriate state authorities.

• Guide salon business owners through the process of obtaining a tax ID number for your small business (Employer Identification Number) from the IRS

• Help with drafting any necessary legal documents during the process of registering a salon (e.g., Operating Agreement for a salon LLC)

Tax & Compliance Setup:

• Ensure they are aware of federal and state tax obligations, including filing schedules and potential tax benefits

• Assist with setting up business bank accounts and maintaining separate finances for the business

• Offer guidance on maintaining good standing, such as annual reports and any required licenses or permits​​​​​​