Industry sector: Business services

Record label: Professional fees


You are likely to need the services of:

  • a firm of solicitors
  • a firm of accountants

Solicitors

A solicitor will help you decide on what form your business will take and will handle such matters as drawing up a partnership agreement or forming a company. Solicitors also offer a range of services that may be helpful to you in the early days of setting up and running your business, such as dealing with property matters. It is also very important that your solicitors have a knowledge of the entertainment business so that they can represent you in contract negotiations with artists and distributors.

Ask the firm to estimate the likely cost of the services you will require and enter this amount in the month you expect to pay the fees.

Accountants

Accountancy firms offer a wide range of business services, including book-keeping, drawing up the annual accounts, preparing tax and VAT returns, handling the operation of PAYE, giving tax and business advice and so on. It is worth asking other business people to recommend a good accountancy firm to you if you do not know of one. The ICAEW, Chartered Accountants Ireland and ACCA websites include online directories that can help you to find accountancy firms in your area.

As with legal services, ask your chosen accountant to estimate the likely cost of the accountancy services you require and enter the amount in the month when you expect to pay for them.