Keep your personal self separate from your business liability
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To continue our series on the 10 legal issues facing entrepreneurs, today we’re talking about the 4th issue, “Am I probably protecting my personal assets?”
It’s always important for you to keep your business assets separate from your “personal” assets, which at least is the one way you can limit your liability. The best way to do this is to maintain a separate business bank account and which it ONLY receives income and pays for business related expenses.
Also, make sure when the people who owe you money pay you, it’s written to the business name and not your personal name.