I am going to be starting a bookkeeping business in the near future and I have a couple of questions:
1. I am currently planning on starting this business as a sole proprietorship. Ideally I would like to set it up as a LLC but it costs $500 in my state to do so. Since I am starting this on a shoe-string budget, I feel the sole proprietorship is my best option. What are the disadvantages to this? How difficult is it to change it to a LLC in the future?
2. I am an accountant and have my MBA in accounting. However, I do not have my CPA. My concern is that I am not very well-versed on what a bookkeeper actually does. I don't really remember taking any classes on bookkeeping. Is there some sort of inexpensive/free class I can take online? Do I need to work part-time for a bookkeeper for a couple months to gain some experience and get a better grasp of responsibilities?
Thanks in advance!
1. I am currently planning on starting this business as a sole proprietorship. Ideally I would like to set it up as a LLC but it costs $500 in my state to do so. Since I am starting this on a shoe-string budget, I feel the sole proprietorship is my best option. What are the disadvantages to this? How difficult is it to change it to a LLC in the future?
2. I am an accountant and have my MBA in accounting. However, I do not have my CPA. My concern is that I am not very well-versed on what a bookkeeper actually does. I don't really remember taking any classes on bookkeeping. Is there some sort of inexpensive/free class I can take online? Do I need to work part-time for a bookkeeper for a couple months to gain some experience and get a better grasp of responsibilities?
Thanks in advance!
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