Incorporating a business- need lawyer or accountant?

amother

Jetblack

Sat, Nov 04 2017, 7:49 pm

Or is it ok to do it on my own?
What are potential advantages either way?
The one advantage I can see so far is that by doing it on my own I save on lawyer or accountant fees.
Please share any knowledge you have on the topic.
Thanks!

amother

Aquamarine

Sat, Nov 04 2017, 7:53 pm

You need an accountant to understand the tax implications. Of course it's cheaper to do it on your own but you still need the advice.

amother

Lime

Sat, Nov 04 2017, 8:26 pm

If it's a small business, I'd speak with an accountant to fully understand all tax implications.

If you are not sure if you want to incorporate, and want to understand the pros and cons, you should consult with an attorney.

This site may be helpful:
https://www.blumberg.com/

Mommyg8

Sat, Nov 04 2017, 8:36 pm

The advantage of incorporating is that you dont have personal liability. The disadvantage is that the corporation is taxed as a separate entity, so you get taxed double. Nowadays most companies choose to be a LLC which has the advantages of both - you are only taxed once, and no personal liability.

amother

Babyblue

Sat, Nov 04 2017, 8:43 pm

incorporating a business is not something accountants do. If you are looking for advice if you should incorporate an accountant and a lawyer could provide advice. The formal process of incorporating can probably be handled without a laywer. if in NY see https://www.wikihow.com/Incorp.....-York

Mommyg8

Sat, Nov 04 2017, 8:54 pm

My dh's accountant incorporated his business, so I guess it's possible for an accountant to do that. He incorporated as an LLC which has only positives, no negatives.

amother

Babyblue

Sat, Nov 04 2017, 9:19 pm

Mommyg8 wrote:

My dh's accountant incorporated his business, so I guess it's possible for an accountant to do that. He incorporated as an LLC which has only positives, no negatives.

What I meant was that as professionals accountants don't offer the service of 'helping a business to incorporate', not that accountants can't run their business as a corporation. As an aside - you can't incorporate as an LLC - to incorporate means to create a corporation, which an LLC is not.

Mommyg8

Sat, Nov 04 2017, 9:22 pm

amother wrote:

Again, dh's accountant formed an LLC for him, which as you pointed out, is not a true corporation.

amother

Babyblue

Sat, Nov 04 2017, 9:29 pm

Mommyg8 wrote:

Again, dh's accountant formed an LLC for him, which as you pointed out, is not a true corporation.

okay - your use of 'his' was ambiguous. Since there is nothing about forming an LLC that is based in accounting - its an odd thing for an accountant to do. But there are accountants who do all sorts of things.. that aren't accounting/tax/advisory so I guess.. why not.

Mommyg8

Sat, Nov 04 2017, 9:43 pm

amother wrote:

Sorry, I just re-read my post, you're right , my original post was ambiguous! Sorry.

amother

Aquamarine

Sat, Nov 04 2017, 9:49 pm

amother wrote:

Accounting firms generally offer all related services.