Getting your business started

By Erica Stark, Licensed Financial Advisor, Tax Specialist, Founder of TAPP Financial

One of my favorite services is helping people start their own small businesses. The number of new start-ups I’ve worked with has grown in the wake of the pandemic. I think for many people, being stopped in their career tracks by the shutdown made them reevaluate and choose to follow something that’s more in line with their independent passions.

But while their energy, enthusiasm and expertise for whatever their line of work may be ideal, their financial acumen isn’t always at that level.

We can take care of all the initial filing requirements, first helping people select the most advantageous set-up for their businesses, whether that means a sole proprietorship, partnership, S-corp, C-corp or LLC. There are benefits and tax advantages to each, depending on the number of employees, scope of business, etc.

I warn people about using a cookie cutter online service to find and file forms. They offer little to no guidance, and I often see people processing the wrong documentation, which can get you into real trouble down the line. For example, one business owner I worked with set up a sales tax account but had no idea how, when or what to report. I’ve also witnessed lots of penalties accrued due to business owners’ lack of knowledge. I understand it can be overwhelming. That’s why for accountability and peace of mind, it’s best to put your passion in the hands of a professional.

Over the years, I’ve helped set up retail, service and professional businesses, including salons, landscape firms, doctors, restaurants, IT specialists and daycare centers, as well as non-profits and charities. I consider their success my little success, too.

TAPP Financial is located at 7003 Pearl Road, Suite 17B, in Middleburg Heights. Call 440-885-3133 or visit Tapp-Financial.com.