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  #11  
Old 08-01-2011, 11:22 PM
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BBallkid42 BBallkid42 is offline
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Location: Louisville, Ky
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Quote:
Originally Posted by rlee View Post
I am a very small company....running solo right now. I have an accountant because I know crap about business and to be honest, I suck with money. I am currently in school and just switched my major from Biology to business administration and marketing. My wife just enrolled to go for business management and accounting.

My Father owns a business in the service industry and told me that LLC was the way to go. Russell hit it, it separates you from your company. Its a way to protect your business from you and the other way around. I would google it for an in depth explanation though.
I'm currently going to school right now with a major in Business Administration and have taken care of my own finances the last few years. Is there something I'm forgetting or not looking into that an accountant would?
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  #12  
Old 08-02-2011, 09:38 AM
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rywnygc rywnygc is offline
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Are there things that you do on a property that an accountant might forget?

I'm not saying you need to run out and get an accountant; but it's not a bad idea. In my situation, I prefer to have one.
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  #13  
Old 08-02-2011, 06:15 PM
agrostis agrostis is offline
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Location: Winston-Salem NC
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A LLC is a "incorporated" business. It protects you and your private assets - your house,car,bank account. A "regular" business that is not incorporated means you personally and all your assets are on the line if you get sued for whatever reason.

A accountant is a great idea for any size business. You will forget something related to bookeeping. And at tax time these people are worth every penny.

That 6% sales tax is for the state you live in. You still have to pay state and federal income tax.

It is a pain to jump through all these hoops but you will glad you did.
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  #14  
Old 08-02-2011, 06:19 PM
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vencops vencops is offline
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Agrostis...

How can I get in touch with you. I can't seem to send you a PM.
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  #15  
Old 08-02-2011, 10:45 PM
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bohiaa bohiaa is offline
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Join Date: Jun 2005
Location: Bellville Texas, near Houston
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the laws will be diffrent in your state and sometimes in countys...

I was surprised when you said 500 for insurance...

as far as the LLC/INC. depending on your value. it may be better for you to simply file a DBA....

this is a decission you will have to make. each person is diffrent. read on your states web site and go from there. as far as accountaints. there is really NO reason to jump out there and pay some one to do this right off the bat.

after you GROW this is a good ideal, unless your good at it.
when I started I did everythign. NOW I'm to the point where I do all the taxes, and paper work.

again, do your OWN RESEARCH...... dont take advice from this site.....

I have seen a post where a person took advice and then got called in, and he said....
WELL this guy on the internet said I could claim it as a tax deduction...
DONT LET THIS HAPPEN TO YOU

BEST OF LUCK
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