How to handle domain name and webhosting registration

Hi all. I'm very new to freelance webdesign. In fact, I just got my first client who isn't a relative. *g*

Anyway. I have a question about how to handle the domain name and webhosting registration. Do I register the domain name and set up the web hosting package for him? It seems like that's something I should handle, but then how do I pay for it. I can hardly ask him for his credit card, but how do I make sure that by putting it on my credit card, I'm not responsible for keeping the domain name registered and the web hosting active?

Is there an industry standard of how to go about this, or does everyone have their own system?

Thanks!