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Should You Register as a Toiminimi or Oy? A Simple Guide for Finnish EntrepreneursIntroduction: Thinking about starting a business in Finland? One of the first questions you’ll face is: Should I register a Toiminimi (sole proprietorship) or an Oy (limited liability company)? Let’s break it down so you can choose what’s best for you.🔹 Toiminimi (Sole Proprietorship) ✅ Pros:Quick and cheap to set up Lower accounting requirements Great for freelancers, small-scale businesses ❌ Cons:You are personally responsible for business debts Limited credibility for bigger deals or clients Can limit funding or growth 👉 Best for: Solo entrepreneurs, interpreters, freelancers, driving instructors🔹 Osakeyhtiö – Oy (Limited Liability Company) ✅ Pros:Limited liability—your personal assets are safer Better image and trust for larger clients Easier to scale and take investments ❌ Cons:Requires more accounting (must have double-entry bookkeeping) Annual reports and registration costs are higher Requires a bit more paperwork 👉 Best for: Growth businesses, startups, long-term business plan💡 Pro Tip from GLZ Financial Services: Many start as a Toiminimi to test their idea, then upgrade to Oy when business starts growing. We help our clients do both smoothly—without surprises.Conclusion: Choosing between a Toiminimi and an Oy is an important step. It affects your taxes, risk, and growth. 📩 Need help registering your business? Let GLZ Financial Services guide you from idea to execution.

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Common Accounting Mistakes Small Businesses Make (And How to Avoid Them).Introduction: Running a business in Finland or anywhere comes with countless responsibilities. One area many small business owners struggle with is accounting. Even small mistakes can lead to fines, cash flow issues, or even a tax audit. At GLZ Financial Services, we’ve seen it all and we’re here to help you avoid these costly errors.1. Mixing Personal and Business Finances One of the most common mistakes is using one bank account for both personal and business expenses. This creates confusion, especially during tax season. 👉 Tip: Open a separate business account, even if you're a sole trader (toiminimi).2. Ignoring Receipts and Documentation In Finland, proper documentation is essential—especially if you’re deducting expenses. Lost receipts = lost tax benefits. 👉 Tip: Use a cloud accounting system like Talenom &amp; Netvisor to scan and store receipts in real-time.3. Delaying Bookkeeping Tasks Waiting until the end of the month (or worse—the year) can result in errors and stress. 👉 Tip: Set aside 1 hour per week for bookkeeping or hire a professional (like us 😎) to keep your books up to date.4. Not Understanding Tax Deductions Many entrepreneurs miss out on legal deductions because they simply don’t know what qualifies. 👉 Tip: Learn the basics or better yet, get advice from a financial expert.5. Failing to Plan for Tax Payments VAT, income tax, pension payments—these come fast. If you haven’t planned, you’ll feel it. 👉 Tip: Keep a separate “tax savings” account and transfer 20–30% of all income into it.Conclusion: Avoiding these mistakes can save your business thousands of euros each year. At GLZ Financial Services, we help you stay compliant, reduce stress, and focus on growing your business. 📞 Need help with bookkeeping or taxes? Contact us today for a free consultation.

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