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Never Co-Mingle Personal & Corporate Funds

Jun 7, 2009
Asset Protection, Cover Your Assets, Financial Topics
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This is a major no-no for corporate financial record keeping.  It can hurt you in so many ways. 

First, what is co-mingling?

Co-mingling of assets involves the owner using business resources for personal purposes, or the business using the owner’s personal resources for business purposes.

First things first.  You need to have separate bank accounts for your corporation and for yourself personally.  This is an absolute must.

In the next few days, we’ll discuss several scenarios of co-mingling…

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15 Comments
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14 Comments

  1. Lynn LaneNo Gravatar (57 comments)  •  Jun 7, 2009 @11:37 am

    Hey Rob,
    Thanks for this subject. This is an area I need more education. I’m looking forward to the scenarios you’ll discuss.
    Lynn
    http://www.Warriorofsuccess.com
    Warrior Of Success Training

    Reply

  2. Anthony LemmeNo Gravatar (41 comments)  •  Jun 7, 2009 @6:37 pm

    Uh oh! I am a serious co-mingler. I need to go out tomorrow and open a separate account and have all my affiliate and consulting earnings go to that. I know better but now that money is flowing in, it is time. I’ll have to check out corparate veil pro soon as well. I am still told by many to do a LLC, so I am a little confused on that topic.

    Anthony
    http://www.anthonylemme
    The Most Powerful Personal Growth and Mind Develpment Tool on Earth

    Reply

    Rob NorthrupNo Gravatar (84 comments) Reply:
    June 7th, 2009 at 8:31 pm

    Anthony, send me an email and a time we can talk about your LLC vs S-Corp question, it’ll be easier to talk for fifteen minutes. No charge. Rob

    Reply

  3. Duane CunninghamNo Gravatar (51 comments)  •  Jun 8, 2009 @12:57 am

    HI Rob,

    Yes the mingling is a very bad thing to to doing as far as protection goes! There is a big case here in Oz with the founder of Billabong at the moment

    Duane

    Discover Secret Persuading Skills that Work Like Magic by Tapping Into the Psychology of the Mind with The Worlds Leading Persuasion Expert Duane Cunningham!

    “Amazing Secrets Discovered Using Cutting Edge Research! Guaranteed To Put Money In Your Pockets, Melt Away Sales Resistance…And Slash Buyers Remorse Almost Overnight!”

    Reply

  4. John HoNo Gravatar (86 comments)  •  Jun 8, 2009 @10:01 am

    Rod,

    You’re right: Mixing personal & business a/c & dealings is always dangerous.

    John Ho
    Numerology Expert Helps Understanding Personality for Better Influence & Persuasion (WordPress Blog)
    Numerology Expert Birthday Numeroscope (Vox Blog)
    Numerology Expert Helps Understanding Personality for Better Influence & Persuasion (Money Page)

    Reply

  5. JJ JalopyNo Gravatar (57 comments)  •  Jun 8, 2009 @4:09 pm

    Hey Rob!

    Great to hear from you…

    When I first started building my own businesses I did a lot of co-mingling. I wish I’d started off on the right foot from the off.

    JJ
    Starting a Coaching Home Business

    Reply

  6. Darryl PaceNo Gravatar (66 comments)  •  Jun 8, 2009 @4:53 pm

    Hey, Rob, good to see you this past weekend. As for separate business and personal accounts, agreed, having the two separate accounts is a must!

    Health, Fitness — Darryl Pace
    Fitness Product Review

    Reply

  7. Bob KauferNo Gravatar (49 comments)  •  Jun 10, 2009 @11:05 am

    Sage advice and it will go a long way.

    Bob Kaufer

    Sign Up For My Free Neuro Performance and Health℠ E-Course

    Reply

  8. Pam SchulzNo Gravatar (48 comments)  •  Jun 10, 2009 @9:45 pm

    Hopefully, many will heed your wise advice.

    Pam
    Invest in Your Future

    Reply

  9. Don ShepherdNo Gravatar (44 comments)  •  Jun 16, 2009 @11:18 pm

    i’m guilty. guess i better get on the ball and get organized.

    Don Shepherd

    Central Oregon Camphiker

    Reply

  10. Steve ChambersNo Gravatar (103 comments)  •  Jun 24, 2009 @6:06 am

    THis is a bad thing.

    Reply

  11. Newport Beach, Widow Support, Bereavement Counseling, Divorce Recovery, Grief Support, Orange County, Huntington Beach, Long Beach, IrvineNo Gravatar (1 comments)  •  Jun 24, 2009 @2:06 pm

    It’s like NO patty fingers in the holy waters – a line uttered by Barry Fitzgerald in “The Quiet Man,” one of my family’s favorite movies.

    “The proprieties will be observed at all times!”

    exactly

    Best regards,

    April Braswell

    Single Boomer Dating Expert, Relationship Success Coach

    Widow Support and Bereavement Counseling Outreach Workshop Orange County, Newport Beach, Huntington Beach, CA

    Newport Beach, Huntington Beach, Orange County, Website Marketing, Web Design, SEO, Social Media Marketing

    Reply

  12. Lisa McLellanNo Gravatar (90 comments)  •  Jun 29, 2009 @7:19 pm

    I hear this all the time. A guy I used to work for always did this. When I told him co-mingling of funds was a big no-no, he said that’s why he wanted his own business. Yikes!
    Lisa McLellan
    Babysitting Services – Babysitters and Nannies

    Reply

  13. AssetNo Gravatar (1 comments)  •  Jul 7, 2009 @9:58 am

    Great topic, I am waiting for discussion to begin.

    Reply

  14. Keri EaganNo Gravatar (9 comments)  •  Sep 23, 2009 @10:58 pm

    We hear not to do this all the time and yet people still make this mistake. Crazy eh!

    Keri Eagan
    Anything Alternative

    Reply

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