How can contractors Get Help Of Professional Accountants in Birmingham
Contractor Accountants Work Ethics & Review
IT Contractor accountants are responsible for smooth functioning of an organization. Activities related to company formation, tax liabilities and formalities, accounting and auditing are carried out by these contractors. They might be hired on basis of assignments or on basis of time engaged. It is the duty of these professionals to allow you to concentrate on more important and productive areas and leave the mundane functions like tax payments, managing flow of funds, and company formation formalities to them.
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Forming a company is not any easy task, and involves numerous formalities.
Strict guidelines are to be followed for opening a company and these contractor
accountants are experts in these. They are the best people to be entrusted the assignment
of opening a company. A company could be formed as a proprietary, a
partnership firm, a private limited company or a joint stock company. Each of
these categories has its own sets of rules and regulations of establishment
which an accountancy professional is aware about. After forming a company,
arrangement and managing of funds is a major task of contractor accountants.
For a proprietary company the funds usually come from the owner or proprietor and does not require too much of management. The involvement of accounts professional is also limited while arranging for funds in case of a partnership firm. In case of a private limited company funds for starting a business is shared among a few shareholders and no public offers are made of these. Buying and selling of these shares are restricted within this limited group. The process is much complicated for a joint stock company or public limited company. Here, the ownership of companies lies with shareholders each with limited liability. Public limited companies need to be registered with securities exchange boards and enlisted with stock exchanges. An IPO (initial public offer) is made in the share market for the first time to attract share capital.
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