When do you start thinking about incorporation + accounting?
Hi IHer's
I am curious when do you start thinking about incorporating your business, and as a result of that, the accounting setup + admin that follows.
Is it when:
- It becomes more than a side project (jump from full-time job)
- It reaches a certain MRR $10k+?
- You want to raise a pre-seed round?
Or
- you don't think about incorporation because of all the tax/compliance/accounting that follows?
Interested in your perception Indie Hackers!
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Well, I would say when it reaches 100K, incorporation makes sense. Or whenever your business is earning more than needed to match your lifestyle. I mean, that's from my point of view, but I'd be more than happy to see what you guys think. By the way, since you mentioned the term "accounting", I wanted to ask you something. My brother is running a business, and he's looking for an accounting firm. He's looking for a team of knowledgeable experts willing to meet more than once per year for tax-filing purposes. What do you think about the services these guys https://www.ldgaccountingservices.com/small-business-bookkeeping-services are providing? Also, if you know some other good accounting services companies, please share them with me!
When it starts making money.
"You don't think about incorporation because of all the tax/compliance/accounting that follows" translates into a LOT of problems.
I can understand exactly where you are coming from!
Can we connect?
We are looking into building a startup friendly admin service and would like to understand your thought process in more detail.
Happy to exchange your time for $ or a gift card!
Sure, you can drop me an email on [email protected].