Don’t be your company’s alter ego
One of the first steps in laying a proper foundation for your business is establishing a legal entity that protects you from being personally liable for the activities of the business. Most attorneys recommend new entrepreneurs form a limited liability corporation (LLC) which serves to do the exact thing outlined in its name - limit the liability of its owner. Larger businesses often incorporate their business to form a C corporation that generally serves to provide additional protection of the owners from personal liability. While this basic legal knowledge is pretty common to most, there are some key accounting responsibilities...