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by Carmen Petote Certified Financial Planner Allegiance Financial Advisors, Inc.
I assume from your question that you are not incorporated. If you are, you should talk with the attorney or accountant that helped set up your corporation. A sole proprietor has no obligation to keep the company books and personal accounts separated, but I highly recommend it. You will be much more organized and aware of what you can afford to take out as income. This is really a question geared toward an accountant, so you should speak with yours to determine the best method for you to start taking income. Keep in mind that a business and personal finances are similar in many ways. You should maintain a cash reserve for emergencies and opportunities in both. It's nice to have that buffer if business slows down for an extended period. Good luck! Carmen
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