Setting up a business and hiring a lawyer and accountant

Dre said
I think a package rate would be good for me. If a lawyer sets the whole thing up, do I even need an accountant for planning ahead (I would definitely hire one for taxes if I did an LLC or S Corp of course)?

superchuck500 said
Not unless you have initial accounting concerns (e.g. some tricky capitalization or loan issues), I wouldn't imagine that an accountant is necessary at the start. But if you're really not clear about business accounting and want good advice from the start, it could be a good idea to get a consultation.

I would always suggest hiring an accountant before starting a new venture. Having not done this a dozen or more times, I think I've learned my lesson.

Have your contributions properly accounted for and documented as they should be. Also, when you need to have audited financial statements in order to secure financing for plant and equipment, it's automatic if the accountant was on board from the start.

I don't know if your business will be like mine where you have to prove solvency or capitalization, but if you do, the up front investment is worth it and it shouldn't cost squat.