In an LLC can you do your own accounting, or do you have to use a CPA such as in a corporation?
I have been considering converting to a LLC from sole proprietor, and want to know if I have to use an accountant. I have bee doing my own accounting for since I started in 1977.
An LLC can be a sole-proprietorship or a corporation, depending upon what is elected with the IRS. Both kinds of entity can do their own accounting. However, if you have been filing on a Schedule C since 1977, I would like to suggest that you should, at the very least, have a consultation with a CPA since you have not been filing your taxes in the most cost effective manner.
You can do your own accounting if you are conforatable with that. Since you have been doing it since 1977 I would assume that you are. The IRS site has information on the requirements of what you would need to file for and LLC. There is also information on the SBA site.
There is no problem if you want to do your own accounting and bookkeeping in any form of entity. And there are many accounting programs and software that can assist you with doing it in minimal time. Remember, the more time you spend doing your own accounting, the less time you have to focus on the main part of your business, which is its customers and the sales they generate.
I do my own accounting and I own and operate an LLC. -The Pragmatic Web Designer.