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URL:  https://boards.fool.com/a-couple-things-ive-learned-so-far-first-i-have-13706830.aspx

Subject:  Re: starting out - who do I need to help? Date:  11/14/2000  6:56 PM
Author:  TMFRunkle Number:  2184 of 15025

A couple things I've learned so far. First, I have an accountant, and they are helping me with quarterly financial statements. It's not too expensive, $150 a quarter, which will save me a lot at tax time.

The accountant recommended an attorney for me to see about incorporation. The attorney in question ONLY does incorporations. The way it works is you get incorporated in your state, and then you file for a tax number, and then file for "S" corporation status. Part of the reason I incorporated is for tax reasons, the accountant told me it would save me on self-employment tax. The other reason is liability - I don't have much that it would protect me from because most of my liability is professional. However, I'm thinking down the line when I have employees and a premises.

For accounting, you can use Quicken. However, I am using Quick Books so all my records are starting out there. I won't have to convert over at some date. Also, it's easier to learn Quick Books when you aren't really busy. I'd hate to do the change when I get really busy.

Basically, all of my decisions were based on making things easy for myself a year or two down the road. I also took a short course in starting a business from the University of Georgia. It was well worth the time.

Also, I did a written business and marketing plan. Since I didn't need them for a loan, they basically were to help me clarify my thoughts.

George
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