In This Chapter
Understanding business administration requirements
Keeping records of your financial transactions
Taking advantage of tax concessions for small business
Choosing between a cash or accruals basis
Doing a stocktake and getting a grip on trading stock
Planning for the future
A fter you set up your business structure, you need to familiarise yourself with all the legal obligations and responsibilities that come with running a business. Keep in mind that pulling out at a later date can prove very costly, especially if you plan to borrow a substantial amount of money and employ people to help run the business. In this chapter, I emphasise the legal requirements associated with running a business and ...