No. of Recommendations: 0

Thanks for your advice from the small business perspective. I have a call in at the local SBA for a free consultation with an accountant to ensure I don't get the IRS on my back as well to ensure I'm operating legally.

One question though; The money in mention (~$8500) has come from the sale of a personal vehicle and also a side job I'm doing under the table for a friend. When depositing this money into my business account, should it just go in as owner equity?

Also, retained earnings are new to me. My business has little to no overhead and no recurring debt. What should these retained earning be saved for?

Thanks again all.
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.