Richard is the CEO and co-founder of consumer, small business and enterprise SaaS accounting-tech company Taxfyle, founded in 2015. Prior to this, Richard worked for PricewaterhouseCoopers as an auditor, so he has much accounting experience.
Show Notes
“The difference between tax avoidance and tax evasion is the thickness of a prison wall.” – Denis Healey
It is said,‘there are two things in life that are certain, death and taxation” so there is no getting around taxes. Although it sometimes appears to be a curse word, taxation is necessary and contributes in a big way to the functioning of society.
Richard Lavina is an accounting expert and shared his expertise on The Entrepreneurial You podcast.
Incorporation
“It all starts with your type of incorporation. If you want to get into business, you want to make sure you incorporate, that way you have an entity with some protection in terms of liability from yourself. You could go out into the world and start your own business as an independent contractor and have everything flow through. Personally, there’s nothing wrong with that. However, the first thing you want to do is actually incorporate and the type of incorporation that you need depends on the type of business you want to run. I have a big investor pool. So therefore, I set up a C Corp, which is kind of like those companies that you see on Wall Street where you sell stock to individuals and they buy into your company.”
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Hot Point: Understand the type of business you are going in and determine the structure that is right for you.
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