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What are some key business terms I need to understand before starting my own company?

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Business Bol Bachchan

Before you embark on the idea of kicking off your own business, you should not only understand it inside out but also it's perspective as well as it's potential. However, even before that, you must understand a few business terms because without being familiar you might suffer in the long run and you may lose your grasp out of the blue.

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Moreover, establishing a business requires not only your money but also your energy as well as knowledge. The more knowledge you have, the better you can save your business and bring it on the track of success. So, here we discuss some very core and key business terms:

Book Keeping

You must have often come across this term, which means keeping a track of your financial records. In layman’s words, you must take a good track of your revenues and expenses, for instance, invoices, receipts, taxes, and contracts.

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Work Agreement

This is a basic statement through which you tell how much work and what type of work you will do for your client. Unlike a contract, a work agreement provides you with a little freedom and tells the groundwork of partnership. This agreement is much suitable for freelancers and new recruitment.

Quarterly Taxes

When you work for a business, your company files the tax returns on your behalf and you just have to send tax information only once annually. On the contrary, companies have to pay off taxes on a quarterly basis and this what quarterly taxes meant.

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