Germaine Tieken: One of the biggest mistakes people made when going into business is no forming the right business structure. The IRS defines the rules of how you're going to be taxed and etc. However, if you want to operate as a sole proprietor and build credit for your business it is important that you establish account under the business name. Example Joe Smith DBA Joe's Pizza. The DBA stands for doing business as Joe's Pizza. Now your checking accounts must reflect the same. And When you write check for yourself indicate on the memo "owner's draw" You may also consider using a payroll service to issue payment to you as a salary, thus taking out the appropriate taxes and etc. Now everytime Joe's Pizza makes purchases from vendors these should be reported to the credit agency. The one you want to estabish is Dunn and Bradstreet. You need to submitt accounting statements to them so that they can rate your business activity thus establishing business credit. Which is sepe! rate from your personal credit. Hopefully you can maintain and keep track by uisng Quickbooks, Dome Books for Home Office or a good accountant.n Be use to visit IRS.gov and get a 1040 instruction booklet....Show more
Derrick Cacioppo: 1. DISBURSEMENTS2. PLAN3. EMERGENCIES 4. ACCOUNT or RECEIPT (change letters) 5. LIABILITIES6. INVESTMENTS7. ASSETS...Show more
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