Today, Block Advisors by H&R Block (NYSE: HRB), which specializes in serving small businesses, announced a new business formation tool that will streamline the complicated process of registering a business entity. According to the US Census Bureau, more than 3.6 million new businesses have sprung up in 2022 so far.
Knowing how to position a business for success can be stressful for a small business owner. That’s why Block Advisors decided to connect small business owners with expertise and care to make it easy for them to form their own business entity.
Business formation can benefit entrepreneurs by signaling their intent to the market and boosting company credibility. It also can be an important step in managing risk as a company grows, separating business assets from the owner’s assets. Finally, many small business owners don’t know that business formation can be used as a springboard to potentially change their tax burden – an area in which Block Advisors’ Small Business Certified Tax Pros are uniquely positioned to provide expert advice. All in all, the journey can feel overwhelming – especially to those new to business ownership.
“Paperwork deadlines, complex filing forms, and various state requirements can make business formation bumpy.” Jamil Khan, H&R Block’s Chief Strategy and Small Business Officer, explained, “Business formation should be a seamless process, but small companies often don’t know how to accomplish this.”
Block Advisors’ business formation service allows small business owners to get started in minutes and form their businesses with confidence. Customers receive information on each type of entity – whether S Corp, C Corp, LLC, or Non-Profit – so they can choose the structure that works best for their situation.
“Block Advisors simplifies the business formation process,” Khan said. “Small business owners just follow the self-service prompts on our website. Existing tax customers can collaborate with their Block Advisors Small Business Certified Tax Pro to make sure they take advantage of potential tax savings they qualify for after forming their businesses. For some businesses, these savings could amount to thousands of dollars that can be invested back into the business.” Those who do not see pass-through tax savings will still benefit from potential reductions in personal risk and simplification of their business registration experience.
This new service offering demonstrates Block Advisors’ commitment to helping entrepreneurs thrive. “Business formation is the first step in taking your business to the next level, and Block Advisors can be a source of help and knowledge from the start,” Khan said.
Block Advisors’ holistic approach gives even the smallest business access to affordable, year-round services. Block Advisors’ portfolio of solutions includes tax, bookkeeping, payroll – and now – business formation. The latest service addition adds yet another valuable layer of expertise and care for customers.
To those wondering if the service can help them, Khan said, “We have over a million small business customers, including self-employed and gig workers – we have seen it all. We take that expertise and apply it to you.” He continued, “Entrepreneurs and small businesses form the backbone of America’s economy – Block Advisors empowers these visionaries with the tools and confidence they need to ensure their businesses flourish.”
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