Anticipation of learning how to get our businesses in order

Submitted by DR on Tue, 05/06/2008 - 19:49.

I'm looking forward to learning everything I can from today's webinar on "Getting Your Business in Order". I'm guessing that more than one of us are "uncovered" in one way or another regarding this topic...but, likely not for long.

Cheers! Don Roberts

PS. Jeremy - Thank you for your generosity...and the time you devote...in bringing the Black Ink Project to us.

I've always heard it

Submitted by Ryan on Tue, 05/06/2008 - 23:15.

I've always heard it preached... "don't buy personal expenses with your business accounts..."

I was not aware until the webinar today that anyone who wanted to sue my business could "pierce the corporate bill" as John stated and take claim of personal assets I purchased with my business checking card.

Thanks Jeremy and John!

I could see how it could

Submitted by Mina on Tue, 05/06/2008 - 23:37.

I could see how it could happen though. Once you start to mingle the two funds it is hard to distinguish them because it all become questionable. John and Jeremy made great points about that. I don't have very much experience with it but since I do some side independent contract work I'm familiar with 1099s self employment tax.

I look at it this way. Your

Submitted by kuproverto on Tue, 05/06/2008 - 23:50.

I look at it this way. Your business entity is, to all intents and purposes, another person. Would you spend another person's money without his or her permission?

I know, technically, you own the other person but thinking about it this way helps to distinguish your money from your companies money.

Great way of thinking about

Submitted by Jeremy Palmer on Wed, 05/07/2008 - 04:15.

Great way of thinking about it. Irony struck right after the webinar, I accidentally paid for Subway tonight with my business card.

Wasn't even paying attention - so I had to quickly teach the counter girl some affiliate tips to make it a business meal - KIDDING ABOUT THE AFFILIATE TIPS, but not the wrong use of my card ;) Happens every once in a while, but don't make a habit of it.

Co-mingling assets = potential time bomb

Submitted by DR on Wed, 05/07/2008 - 02:17.

I remember reading a story about an older person breaking a hip after tripping on an uneven portion of a strip-mall parking lot. The old lady sued, and her attorney was able to determine that the guy who owned the strip-mall used his -personal- checking account -occasionally- to pay for miscellaneous expenses related to strip-mall. The corporate veil was successfully pierced, and the attorney successfully went after the strip-mall owner's personal assets. Ouch.

Food for thought...

Negligence

Submitted by delsys on Fri, 05/09/2008 - 05:58.

Corporate officers can be sued for fraud and negligence. If the owner knew that some hazardous condition existed and did not try to correct it he was negligent and liable.
He would also be liable if he cheated on his company’s taxes.

Alex Majthenyi

Can you use you personal

Submitted by gordon on Mon, 06/02/2008 - 08:55.

Can you use your personal bank card to buy business items? I have done this a few times.

GH
http://twitter.com/gordon7