bonanza said:Ubiquitous,
I agree, but finding this mystical person who knows all has proven a difficult quest - If you know of the person who has all the answers then please share his name.
bonanza said:I have an accountant who is very helpfull but has admitted to not knowing everything,
bonanza said:my Financial advisor and accountant often dont agree on certain things.
Kilkenny Tax said:that's one of the advantages of having a company as you (personally) have limited liability if things go belly up.
Is this commonplace? I would have thought that mistakes would not have been punishable in this way, surely that defeats the purpose of the whole company vehicle structure. Reckless trading is one thing, but is this not a whole new ball game. Surely the creditors have to shoulder some of the risk of doing business too - for example banks advance monies based on their professional assessment of business plans etc, other companies trade with firms who eventually go to the wall, is the profit they make on trading not the investment they make in the company. Should they not assure themselves as to the status of a company they're doing business with? (obviously not a complete analytical review every time they trade with a client, but they'll have some idea in most cases). Were the former USIT brought up on reckless trading charges - if so how did that end up?This isn't true any longer in most cases as directors can now fairly readily be made liable for the debts of an insolvent company where such debts or insolvency can be attributed to "negligence", ie mistakes, on the part of the directors.
Kilkenny Tax said:I'm a qualified accountant but someone who uses the title "accountant" and cannot tell you the most basic of information should not advertise to be an accountant.
Kilkenny Tax said:If you weren't able to tell a person that "Profits after tax aren't just yours for spending" then I don't think you should call yourself an accountant.
It's not a case of horses for courses at all. I don't know the first thing about building so i can't call myself a builder. I can't cook so I'm not a chef. However, you are an accountant and although you don't specialise in this area you should be able to tell someone basic basic information.
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