theyec.org Eric Bahn, YEC Member and co-founder of Hustle Con suggests you have an easy way to house all of the content around your business and have it organized. Documents: all Secretary of State documentation, IRS filings, have your bookkeeping working like a champ. Keep your expenses, bank accounts, and revenue coming in clean. There is some level of expectations that you won't be perfect. Do not mingle your personal expenses with business expenses. Start a credit card just for your business expenses. Consider using an accrual accounting method. That will be a pain point to sort out revenue recognition.
Q. What type of documentation should I be organizing as I'm building my company in hopes of it being acquired one day?
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Eric Bahn is the Co-Founder of Hustle Con, a conference series to help non-technical individuals launch tech startups. Previously he ran a niche social network from Beat The GMAT, bootstrapping this company into profitability for 5 years. Beat The GMAT was acquired by Hobsons on October 2012. Eric is passionate about mentoring new entrepreneurs, serving as a San Francisco Co-Chair for the Young Entrepreneur Council as well as a Board Member for Venture for America. He has a BA and MA from Stanford University and currently resides in Silicon Valley.
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