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Legalities: The importance of good record-keeping

With all the legal and tax obligations required of a small business, it's imperative to keep careful records. A good record-keeping system will help you achieve several objectives:

  • Keep your company organized and growing

  • Prepare important financial statements
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  • Make local, state and federal governments happy by keeping a clear account of income, expenses and employees for reporting taxes. Good records help you support any claims you make on your tax returns.

We'll divide this part in two -- the records to keep and how to keep them.

 

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