Business Gurus...

[Katie Fasel]

Just wanted to start a thread to see how many of you:

A. Work with a lawyer on your wedding video biz?

B. Work with an accountant on your wedding video biz?

C. Have consulted with one or both of the above to start out but now take care of things yourself?

or

D. Have always done everything without them?

[Michael Bray]

Hi Katie,

A. Work with a lawyer on your wedding video biz? Yes

B. Work with an accountant on your wedding video biz? Yes

C. Have consulted with one or both of the above to start out but now take care of things yourself? No

D. Have always done everything without them? No

I think it's important for any business to run...well, like a business. Because of todays sue happy society, I could never imagine not having an attourney. They're great for creating your service agreement and doing yearly reviews if you change or add things to it as well as any other legal needs a business might have. As for an accoutant...again, I couldn't imagine not using one. I'm certainly no expert in that field so it's nice to have someone who knows what they're doing regarding business finance as well as for tax time. Letting other professionals handle certain aspects of my business allows me to focus more on my core business which is shooting and editing.

HTH

[Katie Fasel]

Michael, thanks for the response! I'm glad to hear from someone in my area.

We have an accountant that helps us out with that side, but he is a family friend who isn't local and is soon having a baby, so his life's about to get a little more hectic. I'm looking into finding someone local, and while I was at it I thought I would check out the attorney question too.

I hate asking the naive questions, but how much does that cost, because I really have no idea what to expect?

[Don Bloom]

Way back in the olden days I had a lawyer and accountant. Today in the modern fast moving 21st century I have a lawyer and an accountant. I'm running a business and they are the 2 best friends I have. Expensive? yeah a bit but cheaper than an IRS audit or answering a law suit someone hit's you up with.
Plus I usually get some of my money back from the lawyer on the golf course. He's not as good as he thinks.
(.)|(.)
\----/

[Roger Van Duyn]

I use a lawyer and an accountant too. Legal and tax issues seem pretty complicated to me, and I appreciate having two friends that have expert knowledge in their fields.

And even though they're friends, I pay them. (Wonder if I could win part of it back playing fantasy football?)

[Chip Thome]

Having been in various businesses these last whole pile of years, I have used a lawyer only when needed, and never as a start up expense. IMO, at start up, using a standard contract and backing it up with a big fat insurance policy covering your butt is a better investment than the attorney. If you have an issue and get sued, the attorney just represents you and then sends you a bill. If you have the insurance policy, THEY get the bill for everything, not you.

Used a CPA during my years with an SBA loan 24 years ago and that was the fastest $5,000 (1987 dollars) that I ever pissed away !!! As soon as the SBA loan was gone, so was the CPA. Prior to that and since, we always used quality Tax Accountants to prepare taxes, but just taxes, depreciation schedules etc, no bookkeeping.

Typically when starting out, you have more time than you do money. So spend your time doing whatever you can and spend your money only when it will make you money or make you more money than you make doing something as you do it now.