While setting out on your own can be rewarding money-wise, it can also be a financially risky move. According to Michael H. Karu, a partner with CPA firm Levine Jacobs & Co. in Livingston, N.J., Consider whether you can afford to give up a regular paycheck and if you can stomach the uncertainty. You have to be comfortable not getting that paycheck,
He continues, How you set up shop depends largely on factors such as your anticipated income, your expenses, and the desired liability protection, Karu said. Youll also want to consider whether you plan to hire employees and whether you want everything to flow through your personal return.
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Michael H. Karu, CPA/CFF, is a member of Levine, Jacobs & Company, LLC, a Livingston-based accounting and consulting firm. He is qualified by the Superior Court of New Jersey, Family Part, as an expert witness and as an authority on business valuations, specifically for closely held or family-owned businesses. Additionally, he is a Certified Divorce Mediator and is Certified in Financial Forensics.
Karu received his B.S. degree in Business Administration from The Ohio State University and holds professional memberships in the American Institute of Certified Public Accountants, the AICPA Tax Division and the AICPA Business Valuation, Forensics and Litigation Services Section, as well as the NJ State Society of CPAs. Karu is a published author of numerous articles seen in trade and consumer publications and has been a guest on radio and television shows.
Levine, Jacobs & Company, L.L.C. maintains memberships in the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants. The firm prides itself on its teamwork abilities where every account receives the talent and expertise of the whole firm.
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Amy Delman
Amy Delman Public Relations, LLC
201.563.4614
amydelmanpr ( @ ) verizon dot net
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