Prince Donnell’s 5 recommended bank accounts for LLCs

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I’ve been following Prince on Instagram. He has lots of great advice for entrepreneur’s starting out in business – especially on the tax and finances front. He is also an innovator who has a tax services franchise, Jumping Jack Taxes, an NFT business and just recently launched his own accounting software.

I also like how he created the Jumping Jack mascot as part of his business branding. Once you see that mascot, you may forget the name of the business, but you’ll be thinking, ‘That tax and accounting company with the fox thing.’ And that’s one of the things a business needs – memorability.

The 5 accounts Prince recommends are:

  1. An Operating Account
    For all your business transactions.
  2. Reserve Account
    Put 10% of monthly profit aside for a rainy day
  3. Tax Account
    For your tax liabilities. He also has a video on how to pay yourself and calculate how much tax you owe.
  4. Marketing Account
    He recommends 10% of profit since marketing is the lifeblood of a company. No visibility, no leads, no business.
  5. Innovation Account
    A business needs to innovate, develop new products, and evolve. Put aside something to make that a deliberate effort for your business.

Meet Jumping Jack

Jumping Jack Taxes - Website Screenshot
Next Karlton Dennis on paying yourself as an LLC

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About Life Notes

Life Notes is my online notebook; a place to put my digital ‘newspaper’ clippings, bits of my journal, observations, and other stuff all with the ultimate aim of find tools, resources & ideas to help artists thrive.  Read about how it came about here.

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