Starting a business involves dozens of financial and legal decisions in the first 90 days — many of which have consequences that follow you for years. The entity structure you choose, the accounting method you elect, the way you handle startup costs, and the tax registrations you complete (or miss) all shape your business’s financial foundation.
FJ & Associates, PLLC helps Utah entrepreneurs get those foundational decisions right from the start — entity selection, tax setup, accounting system configuration, and a realistic financial plan.
📞 (801) 927-1337 | ✉️ admin@cpaone.net
The Decisions That Matter Most in the First 90 Days
Entity Selection
The most consequential early decision is how to legally structure your business. Most new Utah businesses choose between:
- Single-member LLC — simple formation, pass-through taxation, liability protection; ideal for early-stage solo businesses
- Multi-member LLC — partnership taxation, flexible profit/loss allocation; ideal for businesses with multiple owners
- S-Corp — pass-through taxation with potential self-employment tax savings once the business generates sufficient net income
Utah Formation Requirements
Forming an LLC or corporation in Utah requires Articles of Organization filed with the Utah Division of Corporations, a registered agent designation, an Operating Agreement or Bylaws, a Federal EIN, Utah state tax registration, and business licenses at the state and/or local level. We guide you through each step and connect you with a Utah business attorney for the legal formation documents.
Startup Costs: The Tax Treatment Most New Business Owners Miss
The IRS allows businesses to deduct up to $5,000 in startup costs in the first year, with the remainder amortized over 180 months. Common qualifying startup costs include market research, business plan development, legal and professional fees for formation, and pre-opening advertising. We document your startup cost timeline and maximize your deductible amount on your first return.
Building Your Accounting System from Day One
The most expensive bookkeeping mistake is not having a system at all for the first year. We configure your accounting system before you start generating revenue: selecting the right platform, building a chart of accounts aligned with your tax return structure, connecting bank accounts and credit card feeds, and setting up invoicing and expense tracking.
The Launch Financial Plan
We build a financial model for your first 12–24 months that covers:
- Revenue Projections — Conservative, base, and optimistic scenarios with explicit assumptions
- Cost Structure — Fixed costs and variable costs; your monthly breakeven revenue
- Cash Flow Forecast — Month-by-month cash position through your first year
- Startup Capital Requirements — How much capital you need to launch and operate through breakeven
- Owner Compensation Planning — Tax-efficient, legally compliant, and realistic given the business’s cash position
Quarterly Tax Planning for New Business Owners
New business owners are frequently surprised by their first-year tax bill — particularly sole proprietors and LLC members who face self-employment tax of 15.3% on top of income tax. We establish a quarterly estimated tax payment schedule from day one. We also advise on Section 179 expensing, bonus depreciation, home office deduction, vehicle expense method selection, and first-year retirement plan contributions.
Start Right — Your Business Foundation Matters
📞 (801) 927-1337 | ✉️ admin@cpaone.net | 612 N Kays Dr Suite 120, Kaysville, UT 84037
Missy Dennis, CPA | Partner | FJ & Associates, PLLC | Kaysville, Utah
Missy holds a Master of Accounting degree from the University of Utah and is a licensed Certified Public Accountant. With more than twenty years of public accounting experience, Missy specializes in tax preparation and advisory, bookkeeping strategy, estate and trust taxation, audit and consulting services, and small- and mid-sized business advisory.
