When you start a company, it is obvious for your concentration to be focused on the company growth and establishment rather than focusing on HR and taxation policies. It is much advisable for a startup entrepreneur to hire a tax adviser and give him the complete responsibility of startup taxes.

4. Collaging personal and business finance

This is certainly not a good idea! But it is quite often seen that most startup entrepreneurs blend or collage their personal finance with that of their startup funds, this can lead to great problems. It must be very clear that startup entrepreneurs deal their personal finance in a total different manner because carrying both together can create great confusions and problems and it can even strip down your corporate position. The best practice is to keep a separate balance sheet and income statement to understand the complete difference between personal and startup finance.

3. Tracking startup expenses

You needn’t really have an office set up to run a startup, you can do it from home but it is advisable that each and every penny (income and expenditure) is recorded in the company books to avoid problems later.