Welcome to Collective!
We're excited to have you on board and would like to invite you to attend our New Member Kickoff Webinar. Led by one of Collective's relationship managers, this is your opportunity to learn more about Collective’s onboarding process, raise any queries you might have after your initial meeting with our new business team, and get the resources you need to make the most of your membership.
The kickoff will revolve around three crucial aspects of the Collective experience:
Onboarding Timeline
For our new members that will be forming their LLC S Corp with us, we'll explain the timeline and process from LLC formation through bookkeeping and payroll setup. Some of the main events in onboarding include the following:
LLC Registration
Finalize LLC Operating Agreement
Obtain EIN from the IRS
Obtain Business License, if applicable
Open Business bank account and make initial contribution
S Corp tax election with the IRS (Form 2553)
Employer Registration
Bookkeeping categorization with accounting advisor
Payroll setup and salary selection
For our new members who come to Collective with an active LLC (and those with an active S election), the onboarding timeline is more condensed. We will primarily be working with you to setup Collective Bookkeeping and Payroll. Prior to the member kickoff webinar, our Entity Services team reviewed and confirmed all of your company documents.
Reasonable Compensation
As a new member to Collective, understanding 'reasonable compensation' might seem like a complex topic. One of the first major steps to forming an S Corp will be determining a reasonable compensation amount for you - the owner and employee - for the services you're providing to your own organization. We understand that this is a big step, and we’re here to help guide you through the process and find the right solution for your business needs.
In our member kickoff, we'll cover 'Reasonable Compensation' in more detail, helping you understand the concept and requirements. You'll learn how to set a salary that aligns with the IRS’s perspective of ‘reasonable compensations’ for the services you provide in your S Corp. Afterwards, you'll have an opportunity to select a compensation amount in your dashboard. This amount is just an initial start and can be updated prior to the completion of your onboarding. We look forward to helping you navigate through this new adventure!
Click Here to read more on Reasonable Compensation
Membership Services: Included & Not Included
Our membership at Collective includes a wide range of services that cater to your specific business needs.
When it comes to Tax Services, our offerings include year-round tax support for your business and annual business entity tax preparation (Form 1120-S).
As for Bookkeeping Services, we provide categorization of your business transactions, reconciliation of bank and credit card accounts, invoice reconciliation and support, review of financial reports, and delivery of reports package including Profit & Loss and Balance Sheet. We also provide year-end book closing for tax preparation and invoice issuance training.
However, there are certain services which are not included within our membership. In terms of tax services, these include preparation of tax returns for other years, tax audit representation, local county, and foreign tax services, state tax nexus analysis, and filing requirements with US Secretary of State.
Similarly, for bookkeeping services, financial advisory, sales tax calculations, invoice alterations, time tracking for billing, and inventory tracking are not included.
We'll delve into all of these services in more detail during our member kickoff webinar, where you can ask specific questions and get more information. Click here for our full list of services included and not included in your Collective membership.
In addition to these topics, we will offer a dedicated live Question & Answer session during the webinar. This is a great opportunity for you to clear any doubts or ask questions about tax filings, bookkeeping, payroll, and communications.
Join us on an upcoming webinar to gain valuable insights and kickstart your journey with Collective!
Click Here for a previously recorded kickoff webinar
Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.