![]() Note that LLCs (See our state specific guides for California LLC, Texas LLC and Florida LLC ), partnerships, and corporations are legally required to have a separate bank account for business. And if you want funding down the line, from creditors or investors, strong business financial records can increase the likelihood of approvals. It also protects your personal assets in the unfortunate case of bankruptcy, lawsuits, or audits. Having a separate bank account keeps records distinct and will make life easier come tax time. Learn how to manage your books Accounting basics for small businessesĪfter you’ve legally registered your business, you’ll need somewhere to stash your business income. Luckily, it’s possible to learn how to manage your own books and there are a few notable benefits to tackling it yourself. ![]() Bookkeeping is something that you either have to learn or outsource when you’re running a business. ![]()
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