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    ptsilkov's Avatar
    ptsilkov Posts: 1, Reputation: 1
    New Member
     
    #1

    May 28, 2007, 05:19 AM
    Do I need to hire a CPA in a small LLC?
    I know this might be a stupid question but anyway.

    I intend to form an LLC, which will be essentially operated by me. As I am new in the field I want to know if I would need to hire a CPA for the accounting and taxes and if yes, would it be sufficient to hire him or her only part time.

    The nature of the business would be export/import and eventually commercial leasing overseas. The LLC would most probably be formed in New Jersey.

    Thanks.
    omsailogistic's Avatar
    omsailogistic Posts: 39, Reputation: -1
    Junior Member
     
    #2

    Jun 3, 2007, 12:24 PM
    I think as a professional student myself " as you mentioned in your question that you are new to the field" you should hire a CPA.

    The reasons for hiring him / her are as follows:

    1 He / She is professionally capable of handling all financial transactions
    2 He / She have sound knowledge of Taxi Laws as applicable to you and your business. He / She is able to tell you the exact form in which you should carry on your business.
    3 Since you said, the nature of business is Export / Import He / She is able to provide you assistence in learning the import / export procedures. The duty drawback and claim for refund of export duties. The cenvat credit on imported goods used for manufacture.
    4 He / She may provide you assistence in opening and maintaining various LC's BG and other documents as required by bank in regular import / export procedures.
    5 If your business is small I strongly recommend you to engage a part time CPA initially. As this will be sufficient for your business

    Good Luck :-)
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,305, Reputation: 7692
    Expert
     
    #3

    Jun 3, 2007, 12:42 PM
    If you know how to do all of the accounting, no you don't have to.

    Depending on your size, there are many accounting firms that will do it for you. The size of your company makes a differnce as to hiring a person, or hiring a company to do a service for you.

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