April 23, 2015
Today’s post deals with the conundrum, how to account for business expenses without a company bank account, and how to set up a company without business funds? Q.: “I recently formed an LLC to create an online store. Because I saved diligently I had enough money in my personal savings account to cover all setup costs for the company (ex: LLC formation, website development, logo creation, etc.). I have initially paid for all business-related expenses with my personal AMEX because I did not yet have a business bank account set up. A lawyer told me that I would be able to account for the use of my personal AMEX/savings by issuing promissory notes from my business to my personal self. I wanted to know how you would suggest using my personal funds to fuel my startup and how I should properly account for this in my business books in order to keep my personal and business separate.” A.: The attorney you spoke to had a good point: If you are treating the money you put…
Continue ReadingListen to the Episode Below: When it comes to selling our business, we sometimes over-estimate what we’re actually worth. This can be extremely risky. Selling your business when you’re not financially ready can break your…
Read MoreMy Internet marketing guru is absolutely furious with me for sending out a month’s worth of weekly ezines on business partnerships . . . and not blogging about it. Having accepted my 50 lashes with…
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