R P Minich PC

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Keep Business and Personal Separate Business Owners - Do not pay your personal expenses from your business accounts. Transfer the money to your personal account and pay your personal expense from your personal account. Why? Because the accounting work will be easier and if your business is a Corporation or an LLC you could have a problem protecting your personal assets in a lawsuit. Attorneys will use the payment of personal expenses as a way to pierce your corporate veil. If the corporate veil is removed you will not receive the Limited Liability and personal assets are subject to being attached for use in the settlement of a lawsuit. In the Event of an audit the IRS will reclassify these payments as wages on a corporation and guaranteed payments if you are a Limited Liability Company. This will increase your taxes.

Time to get a line of credit from your bank Time to get a line of credit from your bank. Since the economy is improving banks are more willing to lend money. This is a good time for a business to establish a credit line. The reason you need to do this now is because you may need financing in the future and you may not qualify to get it. So if you obtain the financing now it will be there when you need it.