I mentioned to my brother that I was thinking of starting a business. He asked me if I had a CPA and I said no I would just started it on my own. He told me that may be a big mistake and that before I do anything I should speak with his CPA Jonathan Medows. Boy am I glad that I did so.
Mr. Medows spent 2 hours with me and listened to my business plans and gave me some sharp feedback. He gave me several suggestions in terms of marketing and business and gave me several recommendations regarding my accounting and tax needs. He slowly went through the advantages of the different forms I could work under and suggested that the best entity for my needs would be an LLC. We did some calculations and we concluded that I would save about $10,000 in the first year alone based on the entity selection. Jonathan also helped me with registering me with Sales Tax and keeping me in compliance and with the process of hiring freelancers in such a way that the IRS and NYS would not reclassify them as employees. He also helped me when I needed that first full time hire with insuring that I was registered for the legally required employer insurances and made sure my payroll was set up correctly, employees paid and taxes remitted to go where needed. Jonathan really saved me from making some major mistakes. If you are staring a business you owe it to yourself to speak with him.