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I transfer all my financial actions to my accountant who's reporting it while instructing me what I need to do further. Compliance and reporting really differ
by neiman 5y ago
I transfer all my financial actions to my accountant who's reporting it while instructing me what I need to do further.
Compliance and reporting really differ from one country to another, and I'm not familiar with the US system (which I heard is one of the most strict). But as far as I checked (I'm not a lawyer, not an accountant and not an expert), where I live in the EU, compliance is something for legal entities (like, organizations, companies) and not for individuals like me.
[E: I take the last sentence back, it's a too general statement and I don't have the knowledge to make it. Thanks @hnhg for the comment]
- hnhg 5y agoI'm not sure that's the case. I'm no expert but I believe those entities exist in part to take liability away from us as individuals. It's my understanding that, for example, in certain cases of privacy and security regulation I would be personally liable as an individual without an entity to undertake it for me. This could change by country and entity type though, even in the EU.
- neiman 5y agoYou're probably right. I really wrote a too general remark, but actually meant specific things about my situation. I added a part now taking this general statement back.
- RandomLensman 5y agoThanks. So pretty traditional in that respect - sounds like a nice example of getting both worlds to work. In my work I also see this kind of "non-maximalist" use cases as the more successful at the moment.
- deleted 5y ago[deleted]