What Legal Business Entity Should I Choose For My Hair Salon?
- E1
- 27:08
- June 11th 2018
On today's show, I am going to talk about two area that I receive a lot of questions about. What type of legal entity should I choose for my business and should I open up a separate bank account for my business
Let’s start with the first question regarding legal entities.
Let me first say that there is no right or wrong choice when it comes to picking a legal structure for your business. It all depends on your long and short-term goals, as well as how you want to run your business. It is okay to start out with one particular entity type and switch later on.
As for whether you should maintain a separate bank account for your business, the answer is yes. Some businesses legally have to separate business and personal funds. If your company is a separate legal entity, business funds must be in a separate bank account.
Even if you are not required to use a business bank account, you may want to consider maintaining a separate business account because it can get quite confusing using one bank account for both personal and business.
PROFIT AND BEAUTY: A Show For Salon Professionals
This show was created for Salon owners who have decided to start running their salon like a business rather than a hustle.
The focus of the show is to help salon owners understand the numbers behind their business so they can grow and make extraordinary profits.
My name is Desarie Anderson, a hair stylist turned accountant and financial guide. When salon owners have trouble understanding the finer details of their finances, they come to me. With 19 years of salon ownership experience coupled with my experience in the financial world, I know the ins and outs of both the beauty and the financial industries. Whether you want to minimize your tax bill or grow and scale your salon, I’ve got you covered.
