Thursday, January 23, 2020

Start-ups start with this GOOF-UP

EVERY MONEY THAT I GET IS MY INCOME 

EVERY LIABILITY IN MY BUSINESS, IS MY PERSONAL

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This is very common statement of understanding with which typically a SOLE PROPRIETOR / or even a FAMILY OWNED BUSINESS PARTNER goes and works.

How true is this and what is right way of TRUE BUSINESS and FAMILY Person.

Well, What I always suggest is :-
1- Whatever you bring home for Family or Personal use or investment after paying all the business taxes which you do not have to compulsorily give back to business is your own personal Income.

2- Always maintain separate table on #FAMILY INCOME and BUSINESS INCOME.
(Not only for accounting but 80% of cases, proprietor does not know what is his #REAL Income and expense, so this will help them understand)

With boost to #startup, #entrepreneurship #soleproprietorship, this understanding is very important to adopt
DO NOT MERGE FAMILY/ #PERSONAL and #BUSINESS #INCOME, #EXPENSES #TAXES and #LIABILITIES else, you don’t know where your business and personal front is and you are already creating a mess and problem.

#cfp #addvalue #certifiedfinancialplanner #financialplanner #wealthcreation #bestinvestment #financialadvisor #personalfinance #financialplanning #budget #wealthmanagement #coupleplan #retireearly

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