Do I always need clear boundaries for personal and business assets?
Asked 5 months ago
My business partner and I want to be members of our LLC that we are planning to register soon. I am still not clear on the risk with regards to the boundaries between my personal and business finances. I am still not clear on the risk with regards to my personal assets. Do I have to constantly make sure there is a clear separation between my assets and the business assets to avoid confusion if the worst were to occur?
Monday, September 12, 2022
With any business venture, it is always a good idea to set clear boundaries for personal and business assets and finances. When you mix personal and business finances, you don't have a clear picture of how your business is actually doing. And, if the worst should happen, your personal assets are not protected from liability.
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