business management

Using your business account for personal purchases may seem convenient, but it can lead to tax, legal, and bookkeeping complications. This post explains why it's important to separate personal and business finances—and how to do it properly.

An owner’s draw and a salary are distinct ways business owners pay themselves. A draw is a withdrawal of profits from the business, common in sole proprietorships and LLCs, and doesn’t involve payroll tax withholding. In contrast, a salary is a fixed wage paid to an employee with taxes withheld, typical in corporations where owners are employees.

Using your business account to buy personal items can lead to serious legal, tax, and bookkeeping issues. Learn why keeping personal and business finances separate is crucial, along with practical tips to maintain clear boundaries and protect your business.

Not sure whether to take an owner’s draw or a salary? Learn the key differences—including tax implications, business structure considerations, and financial flexibility—to determine which option best suits your situation as a business owner.

Determining how much to pay yourself each paycheck depends on your business’s profitability, personal financial needs, and tax considerations. Balancing reasonable compensation with reinvestment in your business is key to sustaining growth and meeting your financial goals.

Structuring small business management is essential for long-term success. From choosing the right legal structure to defining roles, responsibilities, and communication processes, a clear management framework ensures smooth operations and accountability. Learn the key steps to organize and optimize your business leadership for growth.

Business management can be a highly lucrative career, depending on factors like education, industry, experience, and performance. From climbing the corporate ladder to launching your own venture, discover how business managers earn—and what it takes to reach the top income brackets in this competitive field.

Business management can be a profitable career, with earning potential influenced by your role, industry, experience, and performance. From high-level executive salaries to entrepreneurship and consulting, discover the many ways business managers can build wealth and achieve financial success.

Management styles shape how leaders guide their teams and make decisions. The four basic styles—autocratic, democratic, laissez-faire, and transformational—offer distinct approaches to leadership. Learn how each style works, their advantages and disadvantages, and when to apply them effectively in your workplace.

Discover the essential concepts of business management that drive organizational success. From planning and leadership to financial management and customer relations, these core principles provide a roadmap for effective management across industries.

The 4 C’s of Management—Coordination, Control, Communication, and Commitment—represent essential principles that underpin effective management and leadership. While not a formal framework, these concepts emphasize organizing resources, monitoring performance, fostering clear communication, and inspiring dedication to achieve organizational goals.

Can you write off your car payment on your taxes? Learn when car payments and related vehicle expenses are deductible, how to calculate business-use deductions, the mileage method, depreciation, and important tax considerations for self-employed individuals and employees.

Understanding the four types of managers—top-level, middle-level, first-line, and project managers—helps clarify the roles and responsibilities within an organization. Each plays a vital part in strategic planning, tactical execution, daily operations, and project delivery.

Explore the three main management styles—autocratic, democratic, and laissez-faire. Learn how each style impacts decision-making, employee involvement, and workplace dynamics, and discover which approach suits different teams and situations.

While it’s not illegal to use a personal bank account for business—especially if you're a sole proprietor—it’s generally not recommended. Using a separate business account provides clearer financial records, helps with tax reporting, and maintains professionalism. It’s especially important for LLCs and corporations to avoid mixing personal and business funds.

Management comes in many forms, each tailored to different organizational needs and goals. From autocratic to transformational, project to risk management, this guide explores 21 common types of management styles and approaches. Understanding these methods can help leaders choose the right strategies for effective decision-making, team performance, and operational success.

Yes, keeping separate business and personal bank accounts is strongly recommended. It helps protect your personal assets, simplifies tax reporting, and enhances financial clarity. Whether you're a sole proprietor or run a larger business, maintaining distinct accounts supports professionalism, regulatory compliance, and smarter financial management.

Dividing expenses fairly depends on the situation and agreements between parties. Common methods include splitting costs equally, proportionally by income or usage, rotating responsibility, or customized arrangements. Clear communication and documented agreements help ensure transparency and fairness.

A real-world example of service management can be seen in IT service desks, where structured processes like incident management, change control, and service level agreements ensure consistent and efficient tech support. This approach helps businesses deliver high-quality services, resolve issues quickly, and continuously improve performance.

While it may seem convenient, paying your personal mortgage from a business account is not advisable. Doing so can blur financial boundaries, trigger tax complications, and jeopardize legal protections. It’s best to keep business and personal finances separate to maintain compliance and protect your assets.