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Start a consulting business

Start your consulting business.Keep billing, we handle the rest.

Our office forms your LLC or corporation in any state, gets the EIN, sets up QuickBooks Online for invoicing and expenses, and handles payroll and taxes, while our agency quotes professional and general liability coverage.

Start my consulting businessGet an insurance quote

Reviewed by Orkun Ozkaymak, CPA, MBAClients in all 50 states and abroad

$500company setup, EIN included
50 + DCstates we form companies in
1 officeformation, taxes and insurance
2011preparing taxes since
Step by step

How to start a consulting business

  1. 1

    Form the company and get an EIN

    Our office forms your LLC or corporation in the state where you form and gets your EIN from the IRS, so you can sign contracts and open a business bank account.

  2. 2

    Check licenses for your field

    General consulting usually needs no state license, though some fields, such as engineering or accounting, do. Many cities and counties also require a local business license, so check where your office is.

  3. 3

    Set up bookkeeping and invoicing

    Our office sets up QuickBooks Online with your chart of accounts, invoices and bank feeds, so income and expenses are tracked from the first client.

  4. 4

    Insure your advice and your office

    Clients often ask for proof of insurance before signing. Our agency quotes professional liability (E&O), general liability and cyber coverage.

  5. 5

    Plan taxes and payroll

    Our office estimates quarterly taxes, reviews whether an S corporation election fits, and sets up payroll when you pay yourself a salary or hire staff.

Filings and prices

What our office files for you.Prices shown before you send.

Pick what you need on the request form. Ozfield's fees are shown here; government fees are passed through at cost.

  • City of Chicago business license IllinoisThe city fee is $500 or $1,000 for 2 years depending on the license type, paid to the city.
    $179
  • Payroll and state unemployment setupPayroll accounts, state unemployment registration and your first payroll.
    Quoted by our office
Company setup is $500 plus the state fee, EIN included.
The request form adds your filings and shows the full estimate as you go.
Build my estimate
Insurance from the same office

Coverage in place on day one.Quoted by our agency.

Check the coverage you want on the request form and our insurance team sends quotes from multiple carriers. Nothing is bound without your OK.

Start my consulting businessGet a quote only
  • Errors and omissions
  • General liability
  • Cyber
After you open

The filings that come every year.

Our office keeps these on your calendar so nothing is missed. How we work with consultants and professionals →

S corporation and partnership returns

March 15. Form 1120-S or Form 1065.

S corporation election

March 15. Form 2553 to be effective for the current year.

Estimated payments

Apr 15 · Jun 15 · Sep 15 · Jan 15. Federal and Illinois.

W-2 and 1099-NEC

January 31. For owners, staff and contractors.

Questions

What new owners ask us.

Something else on your mind? Call 773-536-9272 and our office will help, in English or Turkish.

Do I need an LLC to start consulting?
You can consult as a sole proprietor, but an LLC separates business debts from personal assets and looks more established to clients. It also makes banking and bookkeeping cleaner. Our office forms the LLC in the state you choose, gets the EIN and sets up QuickBooks Online, so you can start invoicing under the company name right away.
Should a consultant elect S corporation status?
Once profit is steady, an S corporation election can lower self-employment tax by splitting income between a reasonable salary and distributions. It adds payroll filings and a separate return, and some states add their own tax on S corporation income. Our office compares both options with your numbers before filing Form 2553.
What insurance does a consulting business need?
Professional liability, also called errors and omissions, covers claims that your advice or work caused a client a loss. General liability covers injuries and property damage, and cyber coverage helps if client data is exposed. Many contracts require set limits. Our agency quotes the coverage your clients ask for.
Can I work with clients in other states?
Yes. Most consultants serve clients anywhere from one company. If you have employees or an office in another state, you may need to register the company there and file a return in that state too. Our office tracks where you work, registers payroll where staff live and prepares your federal and state income tax returns.

Ready to start your consulting business?

Answer a few questions, see your estimate and send it to our office.

Start my consulting business773-536-9272