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Is Your Small Business Ready for This New Federal Reporting Requirement in 2024?

The Motley Fool

Image source: Getty Images Small business owners have to deal with a few different types of legal compliance and document filing requirements throughout the year. In most states, with just some simple paperwork and a small fee, you can set up a small business that has its own separate identity for banking , taxes, and liability purposes.

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4 Biggest Mistakes You Can Make With Your Checking Account

The Motley Fool

Paying unnecessary fees Some banks charge a monthly maintenance fee with their checking accounts. Many of them are offered by online banks, which are more likely to have fee-free accounts than brick-and-mortar banks. But if you use an out-of-network ATM, you could incur fees from the ATM owner and possibly your bank.

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Top 5 Tips to Make Your Side Hustle More 'Serious' (and Successful)

The Motley Fool

Your side hustle should be putting piles of extra cash in your bank account , not just giving your friends free cupcakes. Form an LLC or other legal business entity There's no one right answer to the question of when you should form an LLC for a side hustle. It lets you open a business bank account.

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3 Things Your Small Business Should Never Be Afraid to Spend Money On

The Motley Fool

You want to grow your business bank account balance while making smart investments in your company's future, so you don't want to spend on anything unnecessary. Every business should have liability insurance in case it is sued. Here's what they are. So, be sure to pay what you need to get high-quality professional advice.

Legal 246
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How to Start a Business for Under $100

The Motley Fool

Step 2: Establish your legal framework (Cost: $0 - $20) Think about what type of business structure will work best for you. If so, it doesn't have to break the bank. Unlike a sole proprietorship, an LLC draws a legal line between you and your business. Two common options are LLCs or sole proprietorships.

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This New Federal Filing Requirement for LLC Owners Only Took Me 5 Minutes

The Motley Fool

Anyone who owns a small business with a legal entity, like a limited liability corporation (LLC) should pay attention to this new rule. banking system. Just like banks have to file reports about suspiciously large deposits of cash to stop money laundering, the U.S. You cannot afford to miss this deadline.

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Should You Open a Separate Bank Account for Your Business?

The Motley Fool

One of those choices is whether to open a separate bank account for your company or whether you should just deposit the money you make into your own personal account. It wouldn't make sense to have profits and losses coming out of an individual person's bank account. And that means it needs its own bank account.

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