Questions for Lawyer

[fofazoju]

I am meeting with a lawyer soon for the very first time in regards to starting my own children's portrait business. So far, the main topic I wish to discuss is sole proprietorship versus LLC and go over some contracts with him.

What questions should I ask?

Thanks!!

[Biomech]

What country are you in?

[fofazoju]

Sorry....I guess that would help huh!

I am in the USA - Virginia.

Would they handle tax questions or would that solely be for an accountant??

[Jim Bryant]

Go LLC.............that way if you screw up a job, or someone trips over your gear and wants to sue you. They can only sue the LLC and not your personal income or belongings. Besides..looks more professional. The lawyers would set up the LLC and handle the paperwork. You need to find an accountant to handle the tax work and day to day billings.
We found one that would do this once a month and handle the state and federal taxes and filing for $300.00 a month. But, you need to shop around. make sure they are versed in quick books.

[fofazoju]

Thanks for the info Jim $300 a month seems a bit steep right now - perhaps when I get a bit busier but good to know!

[Jim Bryant]

Normally they charge anywhere's between $50 - 95 an hour.

[Biomech]

Ah ok, well I'm from the UK so it will obviously work differently. Having said that, your lawyer should be able to act as your accountant and advise you on tax.

[Jim Bryant]

Originally Posted by Biomech

Ah ok, well I'm from the UK so it will obviously work differently. Having said that, your lawyer should be able to act as your accountant and advise you on tax.

Here in the USA, the lawyers will send you to one of their accountant friends and charge you for the advice....the rat bastards!

[Biomech]

Oh wow that sucks. Do your lawyers train in accountancy at all? (ours do, my mrs is a solicitor so does all the admin, legal, finance and tax work for the business )

[kirbinster]

Business formation is really more a job for your accountant than a lawyer. A lawyer can tell you the legalities of it, but the accountant is the one that will tell you which form makes the most sense from a business operations and tax perspective.