"You don't want your business assets and liabilities co-mingled with your personal assets. We've worked hard to create a savings account, 401ks, build a home for ourselves, and we don't want those to be interrupted or be at risk with the business that we're creating. Which is why an LLC essentially creates this entire bubble around your business."
- Paige on why forming an LLC and keeping your assets separate is important.
"You can't have a PO box here where your LLC receives official mail. So oftentimes business owners just choose to simply put themselves as registered agents and then they list their home physical address. Remember, this is public information, your LLC registration lives in a public area that people can search and access. So if you're not comfortable providing your home address for privacy reasons, you're going to need to find another registered agent in your home. And that is really easy to do."
- Paige on what is registered agent.
"Keep in mind that being an LLC owner has benefits, including being able to write off many, many business expenses. So keeping your funds separate allows you to keep track of expenses easier, which will ultimately help you write off more during tax season. Your accountant will thank you for this. You will thank yourself for this at the end of the year, when you have this business bank account all set up. Not only is it absolutely mandatory and necessary, legally speaking to keep your LLC actually an LLC, but it's also great for keeping track of your finance."
- Paige on why you need a business bank account.
Read More About Manager-Managed LLCs Versus Member-Managed LLCs