Is it mandatory to have a CPA when starting your own business?

Question

Say you are not going to have any employees-this would be a business where you sell products you make yourself. Is it mandatory to obtain a business ID and such in this instance? Or could you just go and pay for the business license?

Answer 1

Where do you live? There may be state sales tax issues you need to be aware of. Have you tried your state's web site? How about your local S.C.O.R.E. office (Service Corps of Retired Executives)

The real answer is go ahead and dive in. Early on, unless you start making thousands a month from the start, there's not much damage you can do. But, what happens if a customer gets injured by one of your products and sues you? You might want to talk with an insurance agent just to make sure you understand your risks.

Good luck.

Answer 2

you need to know ho to handle everything recordkeeping and tax wise if you aren't going to use an outside accountant - and that includes local business license and taxes, state sales tax and federal estimated tax payments and tax returns

Answer 3

Entrepreneurs work for themselves and usually are not CPAs.

A CPA usually works for someone else and crunches numbers.

If you have to have a business license where you live, that's up to the locality, but, a degree in anything is not mandatory.

Answer 4

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Answer 5

Since laws and regulations vary so much from State to State and even City to City, you should really contact the US Small Business Administration, http://www.sba.gov  and see if your State has something similar.  Generally, if you are a sole proprietor, then all you'll need is a business license (possibly) and a Certificate of Assumed Name (if you business has a name other than your own).  Keep in mind however, that I am not a lawyer, your state or city should have a lot of resources and information available as to what you need.

Answer 6

I am a single person business as well.  But I use an accountant because there was just too much for me to take care of myself.  But if all you need is a business license...you may be able to waive that.  But you will have to set up a separate business checking & saving account, as well as keep business sales records separate, and collect state sales tax (separate account) and track sales tax & invoices & pay to the franchise tax board. Then you will need to salary yourself and pay more payroll deductions (you will need to pay 100% disability insurance, etc--stuff an employee would normally pay), and my accountant tracks all that as well. A class at a small business association is very helpful.  Also I became a S corp for financial & security reasons & there are forms & things the account does for that. Do you need a resale license as well??  Franchise Tax board for that.  Even tho it seems like you are a small organization, all the legal & tax stuff is not little!