What is legal Transaction How it helps to maintain Account sheets.
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Answer:
Open a bank account. ...
Track your expenses. ...
Develop a bookkeeping system. ...
Set up a payroll system. ...
Investigate import tax. ...
Determine how you'll get paid. ...
Establish sales tax procedures. ...
Determine your tax obligations.
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When evaluating companies, owners typically have a good sense of their profit and loss statement and want to make it a focal point of conversation. However, they don’t seem to grasp the importance of the company’s balance sheet.
The lack of understanding of one’s balance sheet and the poor quality of the information on balance sheets is cause for concern and can dramatically impact a transaction. Below, I explore several issues that can occur in a deal if the balance sheet is ignored by a business owner