#WisdomWednesday: If you own a business, limiting your personal liability for business related matters is very important. That’s why it’s very important to maintain corporate formalities. This includes ensuring the proper bylaws (for Corps) and Operating Agreements (for LLCs) are put in place. Regular meetings are held and corporate meeting minutes are maintained. Personal and business bank accounts should be kept separate, personal funds should not mix with business funds.
Contact us today if you have any questions in regards to corporate formalities or corporate formation.