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Inc. Yourself, 11th Edition: How to Profit by Setting Up Your Own Corporation by Judith H. McQuown

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3And Now, the Paperwork

Once you’ve come this far, the rest is easy. Changing from “sole proprietor” to “corporate” status doesn’t require vastly more complicated bookkeeping. I find that my routine bookkeeping takes me only 10 or 15 minutes a day, or perhaps an hour or so on Saturday morning.

Your corporate bookkeeping can be very simple; any bookkeeping method that you can walk the IRS through is acceptable. For many people, single-entry bookkeeping is much simpler than double-entry. Your ledger can show what funds came in, what was paid out, what money was left, and how it was allocated.

There are now some excellent computer programs to help you with your bookkeeping and corporate records. For around $50, you can find a very adequate program. ...

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