Need a Business Accountant/Info

[hotkiss]

Hey there! Newbie here, have a question for you veterans!
I was hoping someone could shed some light on how to locate an accountant for my soon to be new tanning salon business? I need to know what type of accountant to get, how to set up my business (LLC, etc.) as I am getting mixed answers from friends and family.
What do you, the tanning pro's, suggest?
Thank you sooo much in advance, tantalk is a great resource of info, I just havent located any of this type of info.

Thanks!!

[tanman0302]

Originally Posted by hotkiss

Hey there! Newbie here, have a question for you veterans!
I was hoping someone could shed some light on how to locate an accountant for my soon to be new tanning salon business? I need to know what type of accountant to get, how to set up my business (LLC, etc.) as I am getting mixed answers from friends and family.
What do you, the tanning pro's, suggest?
Thank you sooo much in advance, tantalk is a great resource of info, I just havent located any of this type of info.

Thanks!!

Any accountant should be good as long as they are certified, but when do you plan on opening?? This is busy season and come June, it starts to slow so you kinda missed the boat. I would suggest taking your time, do your research and open closer to next busy season. New salon with new beds when people want it the most makes the most sense!

[missmojorising]

I'm assuming if you haven't set up an LLC (or other business entity) that you are not even close to being prepared to open a salon -- do you have a business plan? a location? an equipment mix? This isn't a Hobby or Sport -- it's tough and getting tougher with the ever dwindling season.

[hotkiss]

Actually we have all this, the question is just how to find a good accountant. We have everything we need to get started we just want to have an accountant and are not sure if the one we use for taxes is the one we want to use for our business accounting purposes. Any advice on that aspect?

[missmojorising]

You need an attorney to set up an LLC -- not an accountant. How have you secured a location without actually having a business to secure it with?

[Gidget]

Originally Posted by missmojorising

You need an attorney to set up an LLC -- not an accountant. How have you secured a location without actually having a business to secure it with?

You dont need an attorney to set up an LLC, you can do it by yourself easily and yes you can ask an accountant to help you out decide what entity would be best for you.

[irene]

Originally Posted by missmojorising

You need an attorney to set up an LLC -- not an accountant. How have you secured a location without actually having a business to secure it with?

Mojo are you married to an attorney or is it your Daddy?

Landlords dont care about LLC's they want that personal guarantee. A good CPA will get you farther in business than any ATTORNEY ever will. Get referral's, the nerdier the better... find out who goes to class everyyear even if they've been a CPA for 20 years. Post another thread... who loves their CPA solicite referrals... I have seen my CPA maybe 5 times in 16 years and one of them was a fluke at the hot springs 300 miles from my home. We all live in the same country the federal return is the most important. When I first started out I had $100 and an idea, went to the secretary of state researched the name and registered it. Today I dont do anything close to what my idea was 16 years ago. Good luck to you....

[DolceEntGroup]

You can setup your LLC at http://www.legalzoom.com and save tons of money.. You just fill out the questionnaire and it will setup your LLC for you.

Save yourself some money and let them do it for you.

[RCKnep3]

or check with your state website. I looked on legalzoom and many others. They just do what you can do yourself online in most states (not sure about every state). It was $75 for me to do it directly through the PA state site and all the other sites wanted like $300+

[missmojorising]

You people are talking about investing in new and/or existing tanning salons -- an endeavor where you are guaranteed to spend thousands of dollars -- maybe even 2, 3 or 4 *hundred thousand* dollars (+) before it's all over -- SURE! -- it's a super idea to do this all on the cheap, without an attorney when you don't know $h*t and want to get your advice ~for free~ from a tanning forum -- whatever -- good luck with that.

http://www.llcweb.com/Attorney.htm

The actual paperwork involved in forming a limited liability company is quite simple. Most states only require filing of a single page form (usually called Articles of Organization) with the secretary of state. You pay a filing fee that varies from state to state and that's it. As far as ongoing paperwork, most states require an annual statement be filed which is another one page simple form that updates the state as to basic information. A filing fee is required for this also. Where the situation gets tricky is in the drafting of the Operating Agreement. This is the agreement between the owners as to how the company will be run. It covers many different areas of operation including management, distribution of profits and losses, special allocations, termination, admission of new members etc. The beauty of the LLC legislation in most states is that it follows the doctrine of "freedom of contract". This allows the owner/members of an LLC to basically agree to form and run the company any way that they want to (as long as it is legal) and their agreements will be upheld in court.

The problem, as usual, is the IRS. In order for the LLC to gain the benefits of partnership taxation it must comply with some fairly complicated guidelines. If those guidelines are not followed the LLC will be taxed as a corporation which, in most cases, is not what the owners wanted or planned for. To complicate things even more the guidelines are flexible; allowing the organizers to choose which corporate characteristics they want and which ones they can live without. Of the four corporate characteristics, as long as the LLC has only two of them, everything is OK. If it has three then the LLC is too much like a corporation and will be taxed as one. Understanding these corporate characteristics and how to put them into the Operating Agreement can get pretty complicated. Some of the states require a written operating agreement and some do not. California allows an oral agreement and it can be as little as an agreement to form an LLC and operate the company as such. Given the IRS regulations, however, it is virtually mandatory to have a properly drafted one. Bottom line - You will probably need help and some legal and tax advice.

	Insurtec