Owning and operating a small business can be a very rewarding experience, emotionally as well as financially. Quarterly and yearly financial records. The following information touches on two aspects of operating your corporation as a separate entity: Corporate Accounting and Corporate Minutes.Corporate AccountingYour corporation should have its own bank account and Employer Identification Number (EIN) issued by the IRS. Summary of marketing or advertising campaigns. Minutes also show that the officers/stockholders of the corporation are operating the corporation as an entity and not just an extension of themselves. This costs more for the accountant’s services but can save you a lot of time and headaches (and money) if you get in trouble with the IRS or your state/city taxing agencies.Corporate MinutesIncorporated businesses are required to keep minutes of the activities of the business. One of Simple Joe’s best selling products is Simple Joe’s Money Tools – a collection of 14 personal finance and investment calculators. A Quick Guide To Operating Small (S) Corporations It has a birthdate (the date of incorporation), and can have a death date (the date you close the corporation). (Don’t ask them during March, April [...] It is recommended that you retain an accountant to help with the accounting functions, year-end taxes and payroll taxes.Your accounting system can be as simple as a set of spread sheets (on paper or a computer).
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