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Should I Seek an Accountant or a Lawyer for This?

Discussion in 'Business & Tax Advice' started by LOL-Blaster, Dec 2, 2012.

  1. LOL-Blaster

    LOL-Blaster Regular Member

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    I want to know more about income taxation and setting up my own business.
    Should I seek an account or a lawyer for this?

    How would you go about finding them?
    How much does it usually cost to get advice from lawyer or accountant?
     
    Last edited: Dec 2, 2012
  2. Shirko

    Shirko Regular Member

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    Same question here. I need to start selling products in Amazon and I need help about income taxation and legal stuff to start selling without starting a business registered, just using my Legal Name.

    We'll keep waiting.
     
  3. Danny1111

    Danny1111 Elite Member

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    I can only speak for myself ... I set up a company seperate from me - all money goes in and out from there - including expenses and "my salary"

    the reason is this - if you get sued the company goes bankrupt and it won't come back on you financially although your name maybe tarnished .... otherwise for example
    say you do it in your own name and Facebook sues you - then your open personally.

    1. see accountant explain everything you want to do and find out how to best "earn money" "pay expenses" and "pay yourself"
    then if needed 2. lawyer to finalize everything if needed.

    please note I am not a lawyer or accountant -- just a business owner.
     
  4. Medic873

    Medic873 Newbie

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    Personally what I did was go to a lawyer and ask for him to do everything for you to become a LLC

    he is going rape you on price cause you can tell he probably has legal zoom templates and is charging you for 12 hours but whatever at least everything is done.
     
  5. bitencrypt

    bitencrypt BANNED BANNED

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    CPAs are versed in tax law.
    If you want all the good information learn the law yourself.
     
    Last edited: Dec 2, 2012
  6. reallife

    reallife Jr. VIP Jr. VIP

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    First the accountant to discuss a "structure" - whether you should be a sole proprietor, LLC or corporation is stuff he can clarify for you. Then you can either see a lawyer to set it up, or use a corporation company in a tax-friendly state if you want to do it yourself.
     
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  7. LOL-Blaster

    LOL-Blaster Regular Member

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    Can you clarify that?
     
  8. GauravJ

    GauravJ Power Member

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    Cost factor depends mainly on the fact the country in which you are doing located or operating
    and the level of expertise you are seeking from such a professional.
     
  9. Moneyman94

    Moneyman94 Junior Member

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    I agree with learning as much as you can abut your business and the deductions you can legally take as well as the gray areas to consider and avoid. The problem is that will take quite some time to learn. To find a tax professional you can rely on start by asking other business owners who they use and what they think of them.
     
  10. GiorgioB

    GiorgioB Supreme Member

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    My suggestion is set up a LTD company in Hong Kong, as long as your not living on HK and you're not importing/exporting to Hong Kong, taxes are incredibly low. Then do as one person suggested above, have your company on one side and pay yourself a salary every month from the company bank accounts.

    You'd need to be making serious money for anyone in Hong Kong to come and snoop around your books for tax stuff.. its rated as the best place to start a business in the world (or maybe 2nd best after singapore, not sure).

    Only thing is you have to go to Hong Kong in person, but its worth it if you want to start a serious company.
     
  11. thatotherguy

    thatotherguy Power Member

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    Goto Legalzoom very easy if your doing a LLC. Then you need a accountant.
     
  12. jimbo13

    jimbo13 Newbie

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    What country are you in?

    An Accountant will give you best advice on how you should structure yourself. Eg If you are in the UK and your earning projections are £80k turnover in 2 years time you should set yourself up as Ltd and VAT Reg now to save the hassle of changing things then.

    If you are not going to earn more than that might be best to stay as a sole trader.

    But if your target market are VAT Reg then you would still want to Register yourself for VAT voluntarily as they will claim it all back and you can make claims for anything you buy.

    And if your target market are not VAT Reg then no point you doing so if under the threshold.

    See why you need to approach them for professional advice?

    Make a list of questions and phone some up. Most give 1hrs free consultation (aka sales pitch) which you can ignore.

    Dan
     
  13. iboga

    iboga Junior Member Premium Member

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    depending on your country the best is to have the information from a lawyer, european country are not the easiest to have an online business but it depend really of what you'll be doing !!
     
  14. unclemike

    unclemike BANNED BANNED

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    I would seek an accountant and the use legalzoom for a cheap lawyer online.

    This will help minimize your cost.
     
  15. Lawyers

    Lawyers Newbie

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    Tax law is my specialty. First, if you plan on creating a simple company or have general domestic tax questions, it's probably best to consult with a CPA (Certified Public Accountant) who has at least 10+ years of experience. Lawyers are expensive and are better suited for complex tax and business matters.

    If you guys have tax or business structuring questions, feel free to private message me and I'll be glad to help if I can. I can also put you in touch with a CPA who is a member of this forum and prepares tax returns for other people that have internet sales or internet companies (I don't want to post his contact info publicly). For the record, I'm not trying to sell my services here, I'm just trying to contribute to this forum and to build relationships with other internet marketers, as I would like to gather enough internet marketing expertise to one day open up my own law firm and get clients online.