Millennium Financial LLC
Business Startup
Entity formation, accounting setup, and early-stage tax planning for Nashville entrepreneurs. Millennium Financial LLC helps startups in Nashville make smart, practical choices from day one.
Why Startup Accounting and Formation Matter
The first months of a new business set the tone for future growth. Proper entity selection, accounting setup, and tax planning reduce risk, improve financing potential, and ensure founders focus on growth rather than scrambling with compliance.
Early-stage decisions — the choice of entity, accounting system setup, and payroll configuration — have long-term effects on taxes, liability, and investor attractiveness. Mistakes can lead to unnecessary taxes, personal liability exposure, or costly reorganizations. A strategic startup advisor helps you choose the structure and systems that align with your goals.
Key Startup Benefits We Deliver
Proper entity selection that optimizes tax and liability outcomes.
Accounting system setup that attracts investors and simplifies audits.
Early tax planning to minimize tax liabilities and ensure compliance.
Payroll and contractor setup to avoid misclassification and penalties.
Investor-ready financial statements and forecast preparation.
Startup Services Overview
1. Entity selection & registration
Advising on sole prop, partnership, LLC, S corp, or C corp based on taxes, liability, and fundraising plans. EIN procurement included.
2. Accounting system setup
Setup of chart of accounts, bank feeds, and workflows in QBO or cloud systems. Invoicing and expense tracking implementation.
3. Initial bookkeeping & capitalization
Recording founder contributions, loans, and equity issuance. Preparation of initial opening balance sheets.
4. Payroll & contractor setup
Configuring payroll systems, worker classifications, and advised contractor agreements for compliance.
5. Tax planning & projections
Roadmap for estimated taxes, ownership compensation planning, and retirement options (SEP IRA, Solo 401k).
6. Budgeting & financial modeling
Early-stage financial models, runway projections, and budgetary scenarios to support fundraising.
7. Investor & lender packages
Clean financial statements, cap table documentation, and pro forma projections for due diligence.
How Our Process Works
Phase 1: Foundational planning
Meeting founders to understand business models, revenue drivers, and growth assumptions. Recommending the optimal structure.
Phase 2: Registration and setup
Assisting with legal and tax registrations, EIN, state filings, and initial bookkeeping setup.
Phase 3: Systems and controls
Implementing expense approval workflows, invoicing templates, and bank reconciliations for consistent accounting.
Phase 4: Ongoing management
Providing monthly bookkeeping, payroll, and financial statements to keep growth on track and maintain tax readiness.
Common Startup Scenarios and Guidance
Bootstrapped Founders
Prioritize bookkeeping simplicity, cash flow management, and retirement-savings strategies that reduce taxable income.
Seed-stage Startups
Invest in accurate financials and forecasting to support due diligence and investor confidence.
Founder-partner splits
Document capitalization, loans, and equity grants carefully to avoid disputes and future tax issues.
SaaS businesses
Revenue recognition and subscription accounting considerations for deferred revenue and monthly/annual subscriptions.
Mistakes we help startups avoid
Improper entity formation leading to higher tax bills or funding challenges.
Failing to document capitalization or founder loans.
Co-mingling personal and business funds — a common cause of lost liability protection.
Inadequate bookkeeping and missing records needed for investors or lenders.
Misclassifying workers and risking payroll tax liabilities.
Frequently Asked Questions
Which entity should I choose for a tech startup seeking funding?
For investor-backed companies, a C corporation is often preferred for ease of issuing stock and accommodating venture investors. We coordinate with your legal counsel to structure the entity properly.
How do I record founder contributions?
We document contributions as equity or loans on the balance sheet with proper documentation and board resolutions if applicable.
Can you help with equity issuance and cap table tracking?
Yes. We track equity grants, vesting schedules, and provide cap table reports for investor communications.
Start on the right foot
Get entity, accounting, and tax support tailored to your startup’s goals.