Mark Kohler warns that most LLC owners skip the basics: a dedicated bank account, formal records, and respect for the corporate veil. Without these, your LLC loses legal protection when you add partners, buy equipment, take on debt, or elect S-corp status.
If you treat the LLC like a real separate business, it helps you look like a real separate business. If you just treat it like a random entity with not even a bank account and respecting the corporate veil, then you have really no respect at all. And this is even more important if you're going to enter some transactions like bringing on a partner, buying equipment, taking on debt, and then electing S corporation status. These are all official company actions that need to have a paper trail.
The secret to managing your family's future #financialfreedom #estateplanning #shorts
Moving Property to an LLC: What They Don't Tell You #realestate #investing #tips
