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Frequently Asked Questions

1. How should I structure my small business?

One of the most pivotal decisions you will make when starting your enterprise is choosing your business structure. The entity you choose impacts taxes, liability, your control, and how to pay yourself from your business.

You can structure your business as a sole trader, partnership, limited company etc.

Some business structures are more complicated to manage than others. You may have significant filing and reporting requirements, depending on how you structure your company.

2. Should I open a  business bank account?

Unless your business is a separate legal entity or operates under a “doing business as” name, you don’t have to open a separate business bank account. But, separating your personal and business funds is a wise decision.

3. Should I use cash-basis or accrual accounting?

To manage your books, you need to decide on an accounting system. You can use either cash-basis or accrual accounting.

Cash-basis accounting is a simple way to manage your books.

With accrual accounting, you must record money whenever a transaction takes place, even if you don’t physically give or receive money.

4. How do I file my small business taxes?

You can file your business tax return every year without missing the deadline with the help of our experts.

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