Why are accountants and lawyers required to form partnerships and cannot operate as a company?
gimpalomp: Yes, you have missed the whole point of the question indeed. The partnership v company thing is a technicality thing. So, even though, as you've described the 'firm of accountants' will function as a company to the outside observer, legally it is registered as a Limited Liability Partnership. So, my question is why it is necessary, according to the law, to make this distinction.
Financial Services - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
What is an "Accounting Firm". If I form a company and have 40 accounts on the payroll that sounds like a company to me. The same is true of the legal staff for Microsoft or IBM. Even legal firms with partners are known to have associate attorneys. Those associates may or may not be offered a partnership at some point. It is simply a matter of how the money is divided. Associate attorneys or accounts are paid a salary or wage while partners get a cut of the profits. Or, am I missing the whole point of your question?
Answer 2 :
I think you mean Corporation (LLC) vs LLP. They are both companies. They are both allowed to form LLC. However, there are aspects of an LLP that make it more beneficial for these types of business to form LLPs vs LLCs.
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Thursday, October 28, 2010
Thursday, October 14, 2010
SELF EMPLOYED??? IS IT A GOOD IDEA TO GET AN ACCOUNTANT?
SELF EMPLOYED??? IS IT A GOOD IDEA TO GET AN ACCOUNTANT?
Hi i have just started working as self employed and have been quoted £120 a year by an accountant to register me and to do all my tax returns ect... just wanted to hear from anyone who is already doing this if you think this is a good idea? Also how do you work out how much to keep back each month as im worried i may spend the money i am meant to save for tax.... does anyone have ways of calculating this?
United Kingdom - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
It probably makes sense to employ an accountant for at least the first set of returns. Make sure that you can observe the process, what forms are needed, how the calculations are made, what is and isn't deductible. Next time round you can try for yourself. The general rule is that an accountant should save you more money than they cost to employ. The first time round, you might spend a week trying to find all the information you need for your returns, if you can get that information from a professional, the fee will have paid for itself in terms of your time and any subsequent returns, you can file yourself and it might only take a day of your time to collate.
Answer 2 :
It's a very good idea. Your accountant will be able to advise you on how much to retain for tax, but I always work on putting 25% away to cover all such eventualities.
Answer 3 :
Excellent idea, We had one as soon as we started, they can save you loads of money. I doubt you will be liable for tax in your first or second years as the business set up and expenses are high. This is why you need an Accountant. Good Luck.
Answer 4 :
It is advisable, at least to start with. It is likely he will save you more money than he costs, as he will be more aware than you are as to what business expenses you can claim. For tax you are liable to pay tax at 20% once profit figure is established and you take off the personal tax-free allowance of £6475, to which all UK citizens are entitled. That goes up to £7475 next April. The self-employed have to pay Class 2 NIC weekly/monthly, and Class 4 if profits are high enough. You can see those rates on http://www.hmrc.gov.uk/rates .
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Hi i have just started working as self employed and have been quoted £120 a year by an accountant to register me and to do all my tax returns ect... just wanted to hear from anyone who is already doing this if you think this is a good idea? Also how do you work out how much to keep back each month as im worried i may spend the money i am meant to save for tax.... does anyone have ways of calculating this?
United Kingdom - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
It probably makes sense to employ an accountant for at least the first set of returns. Make sure that you can observe the process, what forms are needed, how the calculations are made, what is and isn't deductible. Next time round you can try for yourself. The general rule is that an accountant should save you more money than they cost to employ. The first time round, you might spend a week trying to find all the information you need for your returns, if you can get that information from a professional, the fee will have paid for itself in terms of your time and any subsequent returns, you can file yourself and it might only take a day of your time to collate.
Answer 2 :
It's a very good idea. Your accountant will be able to advise you on how much to retain for tax, but I always work on putting 25% away to cover all such eventualities.
Answer 3 :
Excellent idea, We had one as soon as we started, they can save you loads of money. I doubt you will be liable for tax in your first or second years as the business set up and expenses are high. This is why you need an Accountant. Good Luck.
Answer 4 :
It is advisable, at least to start with. It is likely he will save you more money than he costs, as he will be more aware than you are as to what business expenses you can claim. For tax you are liable to pay tax at 20% once profit figure is established and you take off the personal tax-free allowance of £6475, to which all UK citizens are entitled. That goes up to £7475 next April. The self-employed have to pay Class 2 NIC weekly/monthly, and Class 4 if profits are high enough. You can see those rates on http://www.hmrc.gov.uk/rates .
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Thursday, October 7, 2010
who is chief accountant bank of africa benin?
who is chief accountant bank of africa benin?
Corporations - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I don't know. But if you have just received an email asking you to help take some money out of the country in exchange for a payment to you, do us a favour and delete it. Edit: It looks actually as if it might be an OK bank. The list of the board of directors is below. But I would still not trust it because the email may be masqurading as them, and actually be from fraudsters. http://www.bank-of-africa.net/index.php?p=board&PHPSESSID=159http://www.blogger.com/post-create.g?blogID=7877208895481456094b049dade0772ad6d8553010c5ae56
Answer 2 :
What that other dude said =:-)
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Corporations - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I don't know. But if you have just received an email asking you to help take some money out of the country in exchange for a payment to you, do us a favour and delete it. Edit: It looks actually as if it might be an OK bank. The list of the board of directors is below. But I would still not trust it because the email may be masqurading as them, and actually be from fraudsters. http://www.bank-of-africa.net/index.php?p=board&PHPSESSID=159http://www.blogger.com/post-create.g?blogID=7877208895481456094b049dade0772ad6d8553010c5ae56
Answer 2 :
What that other dude said =:-)
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Friday, October 1, 2010
Who earns more money? Mangement accountant or Financial accountant?
Who earns more money? Mangement accountant or Financial accountant?
Financial Services - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Management Accountant However there is more room for promotion in Financial Accountant to go upto Financial Controller and maybe a partner some day
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Financial Services - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Management Accountant However there is more room for promotion in Financial Accountant to go upto Financial Controller and maybe a partner some day
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