But it is my company and my money! Nudge in Shoestring

“But it is my company and my money” was my article in this months leading Start-Up publication, Shoe String. Why? We often get questions about the issues start-ups and small businesses have to consider when moving a business from their own name to a company. And those questions are often about money.

When it comes to starting a company, you need to be aware that the company bank account shouldn’t be treated like your personal bank account. And what steps do you need to take when managing or taking money out of the business.

Some of the key tips that we thought were really useful are:

  • Separate business and personal expenses to help you track your business performance more effectively.
  • Be clear about what is the company’s and what is yours. Also make sure that any payments you take don’t get you into tax troubles.
  • If someone tells you that a company director can be a contractor, think again. Why? A company director should be acting for the benefit of the company, a contractor is someone who is independent.
  • If you have other owners in the company, make sure you are completely transparent with any money you take out.

We find that these steps are really important to help manage your business and to make better business decisions.

You can read the article here.