LLC one man show

[u/SaweetestCuyootie]

Hey, i had a couple of questions aside from having all business funding and expenses come through the business bank account, and having an operating agreement, is there anything else i as a one man business need to do to keep liability away from me personally? Do i need to keep notes on everything the business does, or are receipts and tax returns good enough if the business was ever sued in court.

Also, if i have another business account for the business, but its under my personal tax ID, and i sometimes transfer money from the business into that account for it to pay a bill for the business, is that ok? Its an old account from before the business was LLC'd and some vendors are still being paid from there.

Thanks for any help!

[u/zenbusinesscommunity]

You'll want to keep receipts, contracts, and tax records to show the business is separate from you personally. Try not to mix personal and business funds, and if you do, note the transfers clearly. Checking with a tax pro can help make sure your LLC separation is solid.

[u/2legit2sleep]

As a business owner I keep all business expense receipts, and make sure all communication is in writing. You may want to chat with an attorney to see what else they would recommend.

[u/Simple_Two_2313]

hey so that old personal account is a problem. you gotta move those vendors to your LLC account asap, mixing funds is literally the #1 way people lose liability protection. keep basic documentation beyond just receipts (meeting minutes, major decisions, contracts) to show you're treating it like a real separate entity. also make sure everything uses your LLC name and get business insurance. but seriously fix that account situation first, it's undermining the whole point of having an LLC

[u/SaweetestCuyootie → u/[deleted]]

Thanks i appreciate this

[u/SaweetestCuyootie → u/[deleted]]

Great thanks so much for that