Bookkeeping and Accounting

Organize your accounting and record-keeping system and learn about the taxes the new company is responsible for paying. Company documents generally are required to be kept for 3 years, including a list of all owners and addresses, copies of all formation documents, financial statements, annual reports, and amendments or changes to the company. All tax and corporate Filings should be kept for at least three years.

There is probably no reason why you cannot do your own record keeping, at least in getting started. If your bookkeeping capabilities are limited, use a part-time accountant to set up the company's books on the basis of the above simple method. The accountant can keep the books for the first few months while you learn the general procedure. Let your accountant be your advisor. After a short time you will probably feel comfortable doing all the accounting without outside help.

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