i'm planning to start an online consultation firm(somewaht). im an accountacy student and personally i think im good enough to be a consultant to other students out there. well, me and my friends are thinking to have a fee paid to us. just minimal really. i would just like to ask if id be breaking any laws if i dont register with the SEC(securities and exchange commission) or DTI(department of trade and industry) or i didnt pay any tax. im in the philippines.
2006-10-11 05:15:02 · 2 answers · asked by Anonymous in Business & Finance ➔ Small Business
If you are going to be a consultant, you need experience in the real world. The title of consultant means that you know more about a subject then the average person. Since you are currently a student, what do you bring to the table in terms of practical experience and problem solving?
If I'm going to pay you for solutions, you had better not be wasting my time, or I'll sue. I'll also sue if you give me wrong information, or develop a strategy that does not meet my needs.
At this time, I wouldn't worry about SEC compliance, since you are not going to be involved in securities.
I would recommend that you register with the DTI and pay taxes when due, if and when you get some clients.
2006-10-11 06:23:36 · answer #1 · answered by PALADIN 4 · 0⤊ 0⤋
As far as I am aware, the SEC does not require you to register as a consultant.
DTI: I do not know the requirements of your country.
Tax: You will have to pay tax on any income that you earn.
If you want to consult, always remember that YOU CAN BE SUED for the advice that you give. The biggest risk of any consultant is being sued for advice given, you have to have very good insurance and a good risk management policy.
2006-10-11 12:37:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋