Motivation Thursday
The financial risk of commingling and why it is a bad idea to commingle business and personal funds.
When you commingle your funds, you are treating your business funds as your personal money, whether buying or selling. Some of the most common ways to commingle are:
Transferring money between business and personal accounts without documentation.
Writing business checks for personal reasons/expenses, and vice versa.
Having only one bank account for personal and business needs.
Depositing business checks into your personal bank account.
Withdrawing money from your business account to pay personal expenses without documentation.
