Sole proprietorship or corporation?

The first question is the form of business. A sole proprietorship can be started quickly and easily, it involves less administration, but the question of liability is different than in a company. A corporate form, such as a limited liability company, means more complex operations and more obligations, in return offering other liability and growth frameworks. The right choice depends on the planned activity, partners and long-term goals.

Choice of form of taxation

The form of taxation is the other keydecision. You can choose from several options, each with its own conditions, advantages and limitations according to the respective legislation. When choosing it is worth considering:

• the amount of expected revenue and its evolution,
• costs related to the activity degree and verifiability,
• whether to hire an employeeand at what rate do you plan to grow,
• how much administration can or would like to take on.

What is worth settling from the beginning

The precise definition of the fields of activity, the establishment of the bank account, the billing system and the management of the documents are all the basics that are worth laying down right from the start. A good start can save you a lot of later annoyance. An experienced accountant can help you from the first steps to make your decisions sound and not have to be corrected afterwards.

The specific legal and tax conditions of company formation are according to the current regulations, so it is always worth consulting with an expert when starting. If you want to start your business from a solid foundation, contact Axia accounting: +36 20 271 8141, axia.konyveloiroda@gmail.com, or contact page.

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Tell-tale signs that it's time

• Hard to reach. Not getting an answer to a simple question for days can cause serious problems in the long run, such as before an upcoming deadline.
• He only books, but he doesn't advise. A good accountant not only records the bills, but also tells you in advance if something needs to be changed or if a decision has tax implications.
• There are regular errors and delays. Missing returns or inaccurate data can result in fines and unnecessary upset.
• He doesn't understand the jargon. If after each conversation you have more questions than answers, it indicates a lack of communication.
• It has outgrown the current solution. As your business grows, the administration becomes more complex – the former accountant may not be able to cover this level as well.

When is the best time to switch?

The most common and convenient time is the turn of the financial year, since the opening and closing data can be clearly transferred to the new accountant. However, this does not mean that it cannot be changed during the year – it can be solved at any time with proper handover. The main thing is that the documents, returns and ledger data are transferred in full, so that the new partner can continue working smoothly.

What to pay attention to when passing?

Ask the former accountant for all electronic and paper documents, copies of submitted returns and accounting closing data. In a fair transfer, they are available without problems. And an experienced new accountant will help you check if everything is in order before continuing to work with the data.

If you feel it's time for a reliable, accessible and proactive partner, Axia accounting will be happy to help you make a smooth transition. Call us at +36 20 271 8141 , or write us to axia.konyveloiroda@gmail.com or, on the contact page.

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