Setting Up Business - Requesting Advice

If you TAKE the advice given you will be mislead. The advice given so far has been completely wrong with the exception of "go see an accountant". Seeking the advice and getting feedback is one thing but to take the advice (application of advice) would a bad idea.

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Originally Posted by Rudd

If you TAKE the advice given you will be mislead. The advice given so far has been completely wrong with the exception of "go see an accountant". Seeking the advice and getting feedback is one thing but to take the advice (application of advice) would a bad idea.

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Are you an accountant?

Are you looking for my resume? I would bet I am more qualified than most here, however, I said GO TO AN ACCOUNTANT for advice rather than TAKE the advice of people on this board.

This question is so dependent on the individuals situation that none of us could come close to giving him the proper advice unless we knew more information and had specialized knowledge of the accounting world.

The two best friends you should have in your life if you are a business owner are your Accountant and you Attorney. Don't underestimate their relationship.

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Originally Posted by Rudd

Are you looking for my resume? I would bet I am more qualified than most here, however, I said GO TO AN ACCOUNTANT for advice rather than TAKE the advice of people on this board.

This question is so dependent on the individuals situation that none of us could come close to giving him the proper advice unless we knew more information and had specialized knowledge of the accounting world.

The two best friends you should have in your life if you are a business owner are your Accountant and you Attorney. Don't underestimate their relationship.

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....just trying to figure out what your source is? How do you know if all the advice that has been given is wrong if you are not an accountant yourself? How can you sit here and say everyone giving advice is wrong and to take your advice when you are just another poster?

Who is to say some of the breeders aren't more knowledgeable when it comes to running a reptile business than an accountant (also human)? I know myself, I had to explain my situation/plans to an accountant last year about starting a business. He was not very familiar with a reptile/breeder business (as I assume accountants arent approached by us(breeders) on a daily basis)...in short, deal got done.

But I got a lot of help from these boards on what kind of business' to run by members giving examples of different types of breeders whom I could relate with. This help allowed me to move forward with the accountant.

BTW...my accountant and attorney are NOT my best friends...there are people on this board I would rather offer a ride to before offering a ride to my accountant or attorney. :rolleyes:

I didn't say everyone on this board was wrong.

I said don't TAKE the advice of those on this board other than "go see an accountant". The question asked was basic in its nature (setting up the business) and with a little research from the accountant he/she would be able to answer the more techincal questions relating to the accounting aspect of the business.

I believe these boards are great for people to get "ideas" from but not to TAKE advice (business related).

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Originally Posted by Rudd

I didn't say everyone on this board was wrong.

I said don't TAKE the advice of those on this board other than "go see an accountant". The question asked was basic in its nature (setting up the business) and with a little research from the accountant he/she would be able to answer the more techincal questions relating to the accounting aspect of the business.

I believe these boards are great for people to get "ideas" from but not to TAKE advice (business related).

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Boards like this is the best place for advice because so many people have already started the business in the reptile world. Yes once you have done your homework next step is to find a good accountant and lawyer. Please if you are going to respond, give advice and not dog everyone else for giving input that they have already been through.

In business world, always talk to business owners to get full ideas THEN go see an accountant and lawyer.

Clear, I did give advice. I will give it again "don't TAKE the advice of those on this board other than "go see an accountant"." Just because it is in opposition of most others comments doesn't mean I am "dogging" them. If I were to "dog" them I would point out the inaccuracies and make comments about the validity.

Opinions/ideas and advice are two different things. Some have made recommendations or given information that is completely inaccurate. These boards are NOT the best place for business advice (keep it in perspective of our accounting discussion).

rudd care to say what you think is improper advise? i surely like to see what kinda business you have run and hear about how you went about it.

Nixer, the only advice I think is viable is to seek an accountant's opinion. The choice of your business structure depends on many variables, all of which are too comprehensive to cover here. However, the biggest choice most small businesses file for is an S-Corp (apart from a sole propietorship) with the current trend going towards LLC's.

Some of the information given here has been very limited, generalized or flat out wrong (ie, LLC because there is less paper work, losses don't pass through). Even though some of the information is accurate it does not justify why someone should make certain decisions.

Tax implications, liability, share holders, annual meetings, access to cash, earnings (amount and what to do with), how much structure do you want to deal with, profits/losses, size of business, managing executives, investors are all considerations (there are many more) of which structure you should choose.

The people best suited to make these decisions are you and your accountant, not other business people, forum members or even some professor teaching accounting. Go with the pro, the guy/gal who does this for a living day in and day out, the specialist.

As for my qualifications, I own a couple of small businesses, have a Masters in Business, married to an accountant and before owning my own businesses was running the financial and operations side of two multi-million dollar companies.

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Originally Posted by Rudd

Nixer, the only advice I think is viable is to seek an accountant's opinion. The choice of your business structure depends on many variables, all of which are too comprehensive to cover here. However, the biggest choice most small businesses file for is an S-Corp (apart from a sole propietorship) with the current trend going towards LLC's.

Some of the information given here has been very limited, generalized or flat out wrong (ie, LLC because there is less paper work, losses don't pass through). Even though some of the information is accurate it does not justify why someone should make certain decisions.

Tax implications, liability, share holders, annual meetings, access to cash, earnings (amount and what to do with), how much structure do you want to deal with, profits/losses, size of business, managing executives, investors are all considerations (there are many more) of which structure you should choose.

The people best suited to make these decisions are you and your accountant, not other business people, forum members or even some professor teaching accounting. Go with the pro, the guy/gal who does this for a living day in and day out, the specialist.

As for my qualifications, I own a couple of small businesses, have a Masters in Business, married to an accountant and before owning my own businesses was running the financial and operations side of two multi-million dollar companies.

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which is also why some ppl have only went sole proprietership is to keep it simple but hence my post. every business type can add or take away from taxes and/or writeoffs. also you best note before you start saying everyone is misinformed that every state is not the same when it comes to businesses.

as for structure thats something you should talk with an accountant and a business lawyer. i did so many many years ago and they are changing laws as they go here and im sure everywhere else.

the reason why i initially posted about the farm type is due to the fact that it allows from stud fees, breeder writeoffs and alot of cost basis in keep of this type of animals.