Do I need to hire CPA and Lawyer for my Food catering business, Single member LLC ?
I am planning to start my Food catering business and using legalzoom to form LLC. My question is, do I need to hire CPA and Attorney/ lawyer for my start up? Is it essential? I do not have that much budget right now. If You think I can handle it myself, then please guide me as in ,should I use Quickbook for accounting etc.
Thanks in advance.
What differentiates a CPA from an accountant is their ability to represent you in an IRS audit. I do not believe you need this for a start-up. Getting a qualified and experienced accountant may save you on the front end and if your filings get more complex where you are likely to be audited you can always upgrade.
Hi Punam! I would always recommend hiring an attorney early on. Contacting an attorney only when you need to do so generally means that it is already too late. An attorney may recommend preparing a single member operating agreement for your LLC and other documents that may be necessary not only for your goals today, but for the long run. Same applies for a CPA.