Starting out - Posted by Raye11

Posted by JHyre in Ohio on July 16, 2002 at 08:00:27:

I’m biased, given that I make money off of clients. With that said…I’d have an attorney to advise re deals (e.g.- contracts, etc.) and also think that you need tax planning right off the bat (surprise!). I’ve seen too many people overpay taxes or set up useless entities that would do them no good (not for tax savings, not for liability protection) because the things were neither properly set-up nor properly maintained. Basically, if you cannot afford the tools of the trade, you cannot afford the trade…but I’m jaded from having seen the foul-ups. Where entities are concerned, AT LEAST educate yourself- there’s a wealth of materials out there, not least among them Bronchick’s courses.

John Hyre

Starting out - Posted by Raye11

Posted by Raye11 on July 13, 2002 at 19:13:20:

When starting out, is it neccessary to have a tax strategist and lawyer right away? I am forming my company under a corporation. My mentor will get me set up with a hard money lender and I plan to start out by wholesaling. Will I need a lawyer to work out the details of my corporation? For example, I would like to put money into my corporation so I can start paying for start-up expenses. Can I make a note myself or would I need the assistance of a tax strategist when starting out?