Do you really need an Accountant and Lawyer to start off?

[PetPrincess]

Hi Everyone,
I am currently working in a spa right now and am seriously considering leaving that and working for myself primarily doing in-Home/Office work. Alot of the business starting articles recommend hiring an attorney and accountant to help get the business started. I was just wondering how many of you did that and if it's really that important for someone starting out solo. I'm on a bit of a tight budget and just trying to plan out where to invest the money that I do have. Thanks for all your help and have a great day!!

 

[Zeid]

Well, I'm running a full-time private practice, and still don't have either accountant or lawyer. I had an accountant though, she was great, but she retired.

My advice, get an accountant to do your taxes. Get a lawyer if you need one. Otherwise, spend your money on a small business class from your local community college if you need it.

 

[<3~??~<3]

I have an accountant do my taxes each year, but otherwise, no. I filed my business name as a DBA with my county for $10.00, made sure I knew the laws and could comply, printed brochures and business cards and hit the pavement. I was already insured.

I am in Wisconsin. I don't know what the laws are in VA, so do some digging, but I doubt that you have to hire an attorney or accountant immediately. I can understand an accountant, but what would an attorney do? I mean other than ask for a retainer up front and then charge you $100 to fill out that 4 line, $10.00 DBA form..... If you want to start out as a corporation, you'll need an attorney, but if you just want to work as a sole proprietor, it's not a big paperwork deal. You can move to LLC or S-Corp or C-Corp any time you want, even in the future.

 

[Jan S]

Thank you so much for your responses. It's what I thought too, I just figured I'd make sure!! Have a great rest of the week!!

 

[DukeofDixie]

I have both, but you don't need either.

I had my atty set up the LLC (Limited Liability Corp) and I have an accountant take care of my taxes each year.

I started out as a DBA and no atty. but always have had an acct. take care of the taxes.

Have a great day.

 

[Victoria<3]

ABMP members are offered the ABMP Silver Legal Plan that includes basic legal services for members and families. Members receive free inital consultations about any legal matter and a 20% discount on further services. They also offer Personal Legal Defender for family needs and Business Protector for a specific fee amount under another legal service. This can be found under their Different Strokes newsletter.

Since they do this, I'm inclined to wait to obtain legal services when they are demeed necessary. :roll:

 

[Sherozzel]

i STRONGLY suggest going ahead and filing LLC. you can find the paperwork on the secretary of state website for your state. if you fully intend to be a sole practitioner, you may not need it. but if you are going to have employees, you DO need it. it makes things much easier to start off with LLC from the start.

this is coming from someone who was a sole prop for the first two years and is moving to LLC in the middle of the year. it's aggravating as it can be.

i say file the paperwork yourself. i did it myself and it cost me a whopping $78.00.

good luck!

 

[ashleyradburn]

Thanks Pueppi, hargrcha, & livingwell,

Thank for the input. I'm definitely going to look more into an LLC. I do plan on opening my own massage studio in the next 3 to 5 years. Definitely something to consider.

As far as an Accountant goes, did you hire them when you started up your business, or just when it was tax time?

Thanks again for all the advice!!

 

[Gringa_uno]

i STRONGLY suggest going ahead and filing LLC.

Let me add something about LLC's.

I personally don't strongly suggest this unless you have specific needs. Please remember your taxes will be higher when you go this route and most MT's starting up practice don't want the extra expense.

At least that is my experience.