By Vikram Barhat Special to the Star Mon., Oct. 1, 2018 Setting up a business is a significant undertaking with myriad practical considerations. It’s not uncommon to overlook a key aspect or two in the process. One of them is setting up a separate account for the business-related financial dealings. It’s a measure many entrepreneurs tend to neglect or put off while starting out. It’s definitely a good idea to have a separate bank account for business record keeping even if a person is self-employed and not incorporated, says Tina Tehranchian, a certified financial planner at Assante Capital Management Ltd., in Richmond Hill, Ont. “It’s advisable to not mix the personal account with the business aspect of things,” says Tehranchian, who specializes in assisting business owners and self-employed professionals. “When it comes to tax time, it makes life a lot easier.” Not only does a business account add a ring of credibility, but in the event of a tax audit, it will be a lot easier to deal with the auditors if there is a separate account which isn’t all mixed up with personal expenses, she adds. As in a personal chequing account, a small-business owner can manage and organize…