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    3 Replies Latest reply on Aug 11, 2008 10:27 AM by lalithabrahma

    HELP HELP HELP - setting up consultancy firm in NY.

    infoseeker Newbie
      I am currently in the process of setting up a professional services consulting firm in new york targeting financial institutions. I will hopefully be hiring a full time employee and will be providing a competitive salary and benefits package. I am after info and help from anyone who knows about setting up this type of business. I am currently in the research phase but potentially have a project and am in a scramble to get things organised. Especially on the following topics... what corporate form is best... I have read a lot of articles but cannot decide what the best course of action is for me... llp (since i wont have another partner not sure i can, but is it worth getting a family member to be a partner if there are additional benefits?, llc, S corp? in each of these how can i draw money out to live on... salary/dividend etc. TAX/TAX/TAX considerations!!! bopth regarding the corp structure and also in genreal.

      any good insurance broker recommendations to get worker comp and group medical/dental etc plans. I am hoping that once started there will be additional demand for consultants and I will be able to hire them and so need the group plan set up for future growth...

      to attract an intelligent proffesional staff... what is the absolute basic comp and bens package I would have to offer in the ny market currently... i am looking for people with about 3+ years experience that i can effectively develop.

      are there any specific things that i need to do in new york. i am from london (but have the right permit to work in the us - green card) so am not overly familiar with operating in ny as an employer.

      help is appreciated!!!
      Thanks
      Kal... apologies for the long mail.
        • Re: HELP HELP HELP - setting up consultancy firm in NY.
          Milleisen Scout
          Kal - What kind of consulting work will you be doing? Perhaps we should chat. I'm in NY and work as a consultant too. It's always good to have a referral network to build our businesses. My contact info is on my profile.

          As far as what kind of entity you should form, you should contact a CPA or Attorney for advice. There are particulars of every situation that will dictate what kind you should go with. Whatever you pay for the advice could save you lots of money down the road. These forums can be helpful, but for issues like this you want to have a paid professional to walk you through it.
          • Re: HELP HELP HELP - setting up consultancy firm in NY.
            LUCKIEST Guide
            HELP HELP HELP - setting up consultancy firm in NY, Welcome Kal

            I am also a consultant in New York. I do Consulting with Quickbooks.
            Would like to talk to you. You can email me at " pdeig@juno.com "

            Everybody in business should have an Accountant, a Lawyer and an Insurance Agent.
            Do you know about SCORE?? SCORE is FREE.

            Good luck, LUCKIEST
            • Re: HELP HELP HELP - setting up consultancy firm in NY.
              lalithabrahma Adventurer
              Kal-Congratualtions! on taking the first step of posting. I can relate to this. I have been there. Yes you must have attorneys and business consultants in your team. But that should not scare you. It is hard to get all the answers at one shot . Also you will have several questions coming up. You might want to assess and find out how much capital you would like to invest. Start small. Do small projects for some companies as self employed -Proprietor and then if it seems profitable/worthwhile, go ahead and incorporate. You can search in yellow pages for local attorney or use legal services/business services that will provide access to lawyers/business consultants at affordable price.When you use such services, ensure that there is no contract and you can cancel any time. Also ensure that you have access to laywers in all areas of law, accountants, Sales managers, maketing consultants etc. I am impressing upon these, b'cos when you start your business, you will tend to make your decision in a haste and end up spending a lot of money, which you don't want to. Hope this helps. Best of luck!

              Lalitha

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