I’ve helped several small businesses and yes you are so correct about segregating personal funds from business. Also work to insulate your business from your person in case of liabilities in the business. Losing business assets is bad. Losing your home and personal assets is worse. Separate bank accounts. And if you have lots of money, multiple business bank accounts (FDIC insurance rules as the silicon bank loss is prime example). If business needs cash, it’s a loan (interest free or not) from personal bank to business bank. Hands free transaction and record keeping and documentation to in future keep IRS or State auditors off you. Will follow your story. May you find that right spot. And great about your oldest at least learning from his dad. Either future career or personal future savings taking care of himself and his future family. Thanks for your posts.
I’ve helped several small businesses and yes you are so correct about segregating personal funds from business. Also work to insulate your business from your person in case of liabilities in the business. Losing business assets is bad. Losing your home and personal assets is worse. Separate bank accounts. And if you have lots of money, multiple business bank accounts (FDIC insurance rules as the silicon bank loss is prime example). If business needs cash, it’s a loan (interest free or not) from personal bank to business bank. Hands free transaction and record keeping and documentation to in future keep IRS or State auditors off you. Will follow your story. May you find that right spot. And great about your oldest at least learning from his dad. Either future career or personal future savings taking care of himself and his future family. Thanks for your posts.
Great tips, Thanks for reading!
Thanks for posting. I appreciate your topics.