Check with industry trade groups, or the local Chamber of Commerce if you are not sure which laws apply to your business. This involves many factors including financial position, market position, competitive issues, and strategic position. All income and expenses of the business should flow through this bank account. Establish a bookkeeping system. It is very important to begin business with an accurate bookkeeping system.
Many new businesses lose significant tax deductions due to inaccurate bookkeeping.
The system should be as sophisticated as needed to provide the information you need to operate your business. Many CPA firms have expertise in helping businesses choose, install, and operate computerized accounting packages. Establish a record-keeping system. This is slightly different from the bookkeeping system. Know your resources.