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Thread: Young Entrepreneur & Student

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    Mr. Tax Man
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    Default Young Entrepreneur & Student

    Seeing as we want to fill up the forum, let me (re)introduce myself.

    I'm Evan Lemoine, a 21 year old entrepreneur and student. I started my first business at age 13 doing website development, but quickly found my interest to be in accounting, taxation, law, and management over my actual operations. Now I serve as Vice President of our family's small business in Rhode Island and manage accounting and tax issues. I do general business consulting, technology consulting, accounting, bookkeeping, taxes, and also serve as a parliamentarian.

    Currently I'm a senior accounting major, but am continuing on with my MBA which I should have before I'm 23. While the degree may not be necessary as an entrepreneur, I plan to focus more on my career in accounting and fraud examination.

    You'll probably find me dealing with the accounting and tax issues that members post. So if you have a question, feel free to ask!
    Small Business CPA
    "A tax loophole is something that benefits the other guy. If it benefits you, it's tax reform."

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    Welcome to the new SBF.net Evan. My bother is an accountant, but he works for larger law firms. What kind of business is your family's business? It sounds like it's something other than accounting and taxes, but that's the role you take in it. Or am I misunderstanding?

    I think an MBA is still good to get even if it's not necessary for entrepreneurial life. If I were to do it all over again I would have gotten an MBA (not sure what focus) It might not be necessary, but I think it's still a great advantage to have the education.
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    Welcome to the Forum Evan.

    Having a tax and accounting expert around will be great. That's not even close to my area of expertise, so it is wonderful to see you here.

    Regarding the MBA, I always think education is a good thing. I still contemplate going back and getting my Masters. Someday I might.

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    Our family business is pool repairs and electronic leak detection, but that may be expanded under the umbrella of the corporation. It's really a seasonal business, but the accounting tends to be year-round.

    The education will be beneficial. The economy is pretty tough right now, so as I continue to work and gain experience, I figure I should just stay for an additional year and get the degree.

    Though my school does offer a degree in entrepreneurship, I still really believe the best education is through experience, so I stayed away from that program.
    Small Business CPA
    "A tax loophole is something that benefits the other guy. If it benefits you, it's tax reform."

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    Welcome, Evan. As someone with a long history with the old SBF, it's great to have you here with us, and I'm glad you're willing to cover the financial questions on this board. Let us know if the structure of that section is working well for you.
    Steve Chittenden

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    "Far better is it to dare mighty things, to win glorious triumphs, even though checkered by failure, than to rank with those poor spirits who neither enjoy much nor suffer much, because they live in the gray twilight that knows not victory nor defeat." -- Theodore Roosevelt

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    Might as well finish the degree when you're so close. Have you ever thought of starting a business offering accounting services to small business owners?
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    Steve (CBS) -- the section looks fine currently. If I see anything, I'll let you know!

    Steve (Van) -- I plan to do that at some point, after I pass my CPA exam. State's will not allow an individual to provide public accounting services if they're not a CPA, so often "bookkeeping" is used as the work-around term for it, which is what I presently use.
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    I thought you needed to pass the CPA exam first, but wasn't 100% sure. If I'm right you have to work a certain number of years as part of the exam. Is that right?
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    Quote Originally Posted by vangogh View Post
    I thought you needed to pass the CPA exam first, but wasn't 100% sure. If I'm right you have to work a certain number of years as part of the exam. Is that right?
    150 hours of continuing education, and 2 years experience with a CPA firm or working directly with a CPA. Then you can sit for the exam, which is in four sections: business law/professional responsibilities; auditing; accounting & reporting - taxation, managerial, governmental, and non-profit organizations; and accounting & report - businesses. Usually you take just one section at a time, and it's a lot of cramming.

    To maintain the certification, there are so many hours of continuing professional education you need every year. So being a CPA is no walk in the park. That's why many consider the certification equivilent to a master's degree in itself.
    Small Business CPA
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    That is a lot to do. Years ago I was a civil engineer (as opposed to an angry engineer?) and there are similar requirements for licensing. I passed the test or at least one part of it. Then I had to work 2? (maybe it was 4) years before being able to take the second part. Before I reached the work experience requirement I decided engineering wasn't for me and so never completed the other part of the test.
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