What To Do When Your Business Has No MoneySep 20, 2022
You need money to operate your business. But you've heard you can't just use your personal money to pay your business expenses if you have an LLC... so what do you do if your business just doesn't have quite enough?
In this episode, we talk about why you can't just pay your business expenses with your personal money and what you can do to give your business a cash injection when you need it.
- Mixing your personal money and your business money is called "co-mingling funds" - don't do it.
- If you don't treat your business money and your personal money as separate, a court can take down the liability protection of your LLC - the whole reason you have an LLC in the first place
- If your business needs a cash injection, you can provide it from your personal money via a capital contribution or a loan
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