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Commingling Funds

Below is a listing of our content based on your selected topic, click on the titles below for more information. If the term is unfamiliar, see the Term Glossary<.

Keep Business Accounts & Personal Accounts Separate

Commingling Funds is more than messy accounting—it is dangerous. 

Paying personal bills, cashing checks to yourself when they were written to your business, or having shared bank accounts is an abuse of your corporate entity and may remove the protection of limited liability.

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Limited Liability Companies (LLCs)

Starting a new LLC or Limited Liability Company Shields

The decision to start your own business is a great step in life, and we are here to help. To be successful entrepreneurs need:

  • A great service or product to provide to the public
  • Guidance to find the intelligent way to structure the business

Poorly thought out business structures, often a Sole Proprietorship sometimes called a "Schedule C", can have taxes drain the life out of the core business, and expose the investors other assets to dangerous external liabilities. Fortunately, we have a tool that gives us great flexibility — the Limited Liability Company.

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Make Sure You Use Your Business Tax ID Number with Clients & PayPal

If you received a 1099, or 1099-K, with your social security number on it, but it is income that came from your trade or business, you should contact the company and make sure they correct it so that it uses your business tax id, or EIN, in the future.

If you started a PayPal or other type of merchant account in the past and it migrated over to your business, its generally best to start a new one and transition to it.

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