ForumsStarting a Business

125. You have an Accountant. Listen to your Accountant.
Why are you worried about an LLC if you have no assets except a car.
Also go to Members page and add a few words about your business.
LUCKIEST

The resources that will help you most are specific to your state (S-corp and LLC structures are formed/governed by state law). If you indicate the state in which the company was formed/registered, I'm sure someone can offer authoritative links.

Added more bits and pieces to my profile

Start year 2007 as sole propritorship
Revenure range above $10K

Hi Luckiest,
I have got that part of listening to my accountant Thanks

If you observe one other posts in my pervious question you will notice that there is a strong recommendation of being careful about accountant's suggestion. My goal is definitely to have the corporation to have more credibility and tax benefits but apart from that I would like to know if there are any other implications (legally, etc. ) It is also my own accountant's suggestion to verify this information and finally if really required go for a legal,etc. consultation

I am with Lighthouse24. No accountant is perfect regardless of what/how many letters follow their name. You should understand as much as possible about any decision, especially big ones that can have consequences for years to come. As professionals, we have all seen where the prior guy/gal gave bad, incomplete or inapproriate advice. We don't want to be that guy/gal. We have also seen plenty of clients who thought they knew better and ignored their accountants.

You have to know for what knowledge base you are paying any professional. Make sure that you are comfortable with the areas for which you rely on him/her. If thre is an area about which you are not so confident about his/her judgement or knowledge, get a referral for a second opion. I give these out half a dozen times a year. I also get these calls regularly. Most professionals have relationships with others who will discuss the situation for a reasonable fee or none at all. There are plenty of areas in which I will refer/defer to others that I know because they are more knowledgeable. There are areas where I know that I am the "top authority" within my little network and everyone I know will back me up without hearing the question. Those are harder to overcome doubt, but when three people tell you that better advice in an area would be hard to come by you tend to believe.

Trust is critical, but it doesn't have to be absolute.

You may want to consider a Private Mailbox like UPS Store formerly Mailboxes Etc. They will receive packages, cert mail and service of process. I have changed offices a few times in the six years I have been open and it really makes life easy. I also use it for my clients for whom I serve as Registered Agent.

Good luck.

I may me late to reply on this forum - but I was in the same position 3 years ago as you (ndp125) seem to be now. I did set up an S-corp as did several of my associates that are in the consulting business.
I do have another area of interest I am persuing. For this I setup a 'C' corp (because of the vision / goals of that new business). These were steps that I now (after 3 years) feel were correct. If you wish to discuss and need help please feel free to contact me. I will be glad to share my experiences.