[Coloradoproducer]

1. You need to make sure you have the proper business organization for liability protection and tax purposes. (ie in the US: LLC, C corp, S corp, etc.) Furthermore, some of these organizations require strict compliance with procedure if they are to actually provide you protection. Changing organizational from can be tricky in some cases, so it is best to do it right from the start. An attorney can advise you on this.

2. It is a sound business practice to have this attorney-client relationship in place prior to actually needing it. What you may find is that soon you are going to be faced with signing numerous agreements with clients and suppliers. Your present inexperience in these matters makes it easy to make a serious mistake–especially since making mistakes in these areas is easy to begin with.

Good Luck.
Scott

[Coloradoproducer]

Joey,

Congratulations on your new success.

It is imperative you find a good accountant, preferably a CPA. You should interview several and should seek one with whom you have good chemistry and who you believe can offer you good business advice. Your CPA will help you set up your accounting books on QuickBooks and will help you generally set up your accounting system. You cannot/must not operate a business without these systems in place. Many CPAs work with dozens of businesses and have substantial experience you can draw upon.

The biggest mistake I see in most accounting systems is lack of discrimination between overhead and direct expenses (cost of goods sold or project costs). Ask your CPA for advice here.

Also, if you do not have a good business attorney, you should definitely consider establishing a relationship now rather than later. You didn’t indicate your organizational form, but not all organizational forms are created equal. If you haven’t agonized over these decisions, you attorney will help you. Ditto for liability protection.

The business world is stacked against the little guy and having these professional resources gives you a fighting chance of staying out of trouble and building a business of lasting value.

-Scott