Welcome to Collective!
We're so excited to have you join us! To get you started on the right foot, we’d love for you to attend our New Member Kickoff Webinar. Led by one of our friendly relationship managers, this webinar is your chance to learn more about our onboarding process, ask any questions you might have after your initial meeting with our new business team, and get all 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 those forming their LLC S Corp with us, we'll walk you through the entire process, from LLC formation to bookkeeping and payroll setup. Here are some of the key steps:
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LLC Registration
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Finalize LLC Operating Agreement
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Obtain EIN from the IRS
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Obtain Business License, if applicable
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Open Business bank account and make initial contribution
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S Corp tax election with the IRS (Form 2553)
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Employer Registration
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Bookkeeping categorization with accounting advisor
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Payroll setup and salary selection
For new members who already have an active LLC (and those with an active S election), the process is a bit quicker. We'll focus on setting up Collective Bookkeeping and Payroll. Our Entity Services team will have already reviewed and confirmed all your company documents before the webinar.
Reasonable Compensation
One of the first big steps in forming an S Corp is figuring out 'reasonable compensation' for you as both the owner and employee of your business. This can seem tricky, but don't worry—we’re here to help guide you through it and find the best solution for your business needs.
In the webinar, we’ll cover ‘Reasonable Compensation’ in more detail. You'll learn how to set a salary that aligns with the IRS’s guidelines for ‘reasonable compensation’ for the services you provide in your S Corp. Afterward, you'll have a chance to select a compensation amount in your dashboard, which you can update before completing your onboarding. We’re here to support you every step of the way!
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.
Included Services:
Tax Services:
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Year-round tax support for your business
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Annual business entity tax preparation (Form 1120-S)
Bookkeeping Services:
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Categorization of your business transactions
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Reconciliation of bank and credit card accounts
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Invoice reconciliation and support
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Review of financial reports
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Monthly financial statements
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Year-end book closing for tax preparation
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Invoice issuance training
Services Not Included:
Tax Services:
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Preparation of tax returns for other years
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Tax audit representation
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Local county and foreign tax services
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State tax nexus analysis
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Filing requirements with the US Secretary of State
Bookkeeping Services:
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Financial advisory
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Sales tax calculations
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Invoice alterations
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Time tracking for billing
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Inventory tracking
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.