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Conference nyoss1::market_investing

Title:Market Investing
Moderator:2155::michaud
Created:Thu Jan 23 1992
Last Modified:Thu Jun 05 1997
Last Successful Update:Fri Jun 06 1997
Number of topics:1060
Total number of notes:10477

846.0. "starting new business" by GRANPA::JHAGERTY () Fri Mar 17 1995 19:26

    My wife was looking at starting her own small advertising business and
    I was wondering if someone could lead me down the right path in the 
    following areas.
    
    1. Getting incorporated.  
    2. She has some legal questions to ask.  Can you hire a lawyer for an
    hour just to rattle off a bunch of questions and whats a reasonable
    charge?
    3. Does she really need and accountant?  What funtions will they serve
    that I coudn't do?
    
    Any advice would be appreciated.
    
    Thanks.
    
    John 
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846.1Free help38956::BMORRISONMon Mar 20 1995 12:398
    Perhaps another noter has the exact name of the retired businessmen
    organization that helps people get started in business. I know that
    such an organization exists somewhere around the 128 belt. 
    
    I would suggest going to your local library and find the
    reference librarian. He/she should be able to help you find this
    fine organization. They work for free.
    
846.2Small Bus. ResourcesMKOTS3::WOODWARDMon Mar 20 1995 19:1211
    Try the Federal Small Business Administration for starters. Also local
    Chamber of Commerce. Network to find good local CPA who does books for
    other small businesses in the area and has a good reputation. I don't
    think it's that hard to file papers for incorporation with the state, I
    remember the central office was in Boston for Massachusetts. You
    need to figure out whether this will hurt or help your particular tax
    situation and whether it will isolate your personal assets from legal
    risks, etc. In Boston, AM radio 590 has a program late monday mornings
    on starting/running your own business.  Happy entrepreneuring!
    
    
846.3SCORESWAM1::KIRBY_KRTue Mar 21 1995 22:114
    I think the group .1 is referring to is S.C.O.R.E.  They are listed 
    in the Blue(government) pages of most phone books.
    
    KK
846.4NETCAD::DESMONDWed Mar 22 1995 14:006
    The lawyer we used for our house closing told me that she would provide
    legal advice on a business venture for an flat hourly rate.  She gets
    $150 per hour.  So yes you can find a lawyer to do this but there may
    be cheaper alternatives such as those already mentioned.
    
    							John
846.5A CPA is a good idea for doing corporate taxesCLUSTA::PEARSONFri Mar 24 1995 16:446
>   3. Does she really need and accountant?  What funtions will they serve
>   that I coudn't do?
Corporate taxes are a bit more involved than personal taxes.  Unless you're
an experienced tax person, I think you'll appreciate the services of a CPA
when it comes time to file your returns.  I did.  A CPA might be able to
answer business related questions as well or better than some lawyers.
846.6Having an accountant can pay for itselfFROAKS::THROCKMOR_JOHead anywhere BUT west young man...Mon Mar 27 1995 15:5418
    My wife and I own a business (Preschool) and we run ours as a
    Proprietorship.  When we purchased the business we checked into the
    pros and cons of the various types of ownership arrangements.  I don't
    know if this applies outside of California but we found no benefit to
    incorporating.  The courts have basically decided that if a business is
    incorporated but only owned by one person or couple then it is really a
    Proprietorship and the owners are still liable.  As for taxes, that
    varies depending upon your own situation.
    
    As for an accountant.  Yes, sometimes they can point out tax laws that
    you otherwise might have missed that 1) can save you a lot of money and
    2) you need to pay attention to otherwise you'll end up paying a lot of
    money.  We do not see our accountant very often and she only charges
    something like $80/hour so I find it worthwhile.  Especially when she
    saved us $3000 on taxes one year.
    
    
    John