July 4, 2020
Q.: I have just received my DBA and I’m ready to begin my own business. I would like to clarify once for all if I can use (as I would like) my personal cash account for business purposes too. A friend of mine says so but on my bank website looks like I need a separate cash account as my business account. Since it is a type of business entity which legally has no separate existence from the owner I feel I can use my personal cash account but I would like to receive a confirmation about that. Which type of cash account do I need? A.: Can you use your personal cash account for business purposes? Yes. There’s no law that says you can’t, especially as you’re operating as sole proprietor. Should you? Absolutely not. If you’re serious about being in business, get serious about accounting for your business expenses and transactions properly by having a separate cash account for your business. It can also save you money on accounting fees, as you’ll…
Continue ReadingFrom the other side of the globe, I came across an interesting post on “Mixing Business with Friendship,” which adds a slightly different nuance to our earlier friends and family post. It agrees that “[n]o…
Read MoreIn light of our just-celebrated Labor Day, I thought I’d share a little something about the dangerous games that small business owners play when, in essence, they hire employees and pay them as independent contractors.…
Read MoreToday’s basic training involves a sad story. A woman gave her heart to another . . . and to his business. What thanks does she get? She gets jilted, in more ways than one. Yet…
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