Ok, here's what I do, it takes a little extra time-- but it's well worth it.

Have the client pay for their own hosting and domain registration.

This can be done sitting on your or the client's office, take them to networksolutions.com (or choice) and lead them through the registration process. Follow a similar procedure w/ godaddy.com (or choice)-- and have THEM pay. I have also done this over the phone, including conference-calling the hosting co.

Do not hedge on this-- it saves a lot of heartache in the long run. I usually do this for free for the client as a courtesy (trust me it comes back to you).

Help the client by NOT letting them tell you to "just handle it and add it to the bill"-- you do not want to own a bunch of domains for businesses you have no real ties to.