When you set up an LLC to do shop, what do you get in the company's name? For instance, do you set up a checking account, credit cards, PO boxes for the LLC? Or do you leave it in your name? Thanks Andy
I have a checking account, credit cars, bank ATM card all in my LLC's name... If I can't pay for it with cash - I use the company credit card... Keep money from personal accounts/credit cards/etc seperate or else having an LLC in worthless...
The whole idea of LLC is for asset/liability protection... When you "pierce the vail" of the LLC with comingling accounts - you have now allowed any lawsuit dealing with your LLC now be a personal lawsuit, too!
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Definitely checking accounts.
I have a checking account, credit cars, bank ATM card all in my LLC's name... If I can't pay for it with cash - I use the company credit card... Keep money from personal accounts/credit cards/etc seperate or else having an LLC in worthless...
The whole idea of LLC is for asset/liability protection... When you "pierce the vail" of the LLC with comingling accounts - you have now allowed any lawsuit dealing with your LLC now be a personal lawsuit, too!
Good Luck!
[addsig]
Makes sense. Thanks for the advice
Andy