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How to Separate Business & Personal Finances - Queer Money Ep. 206
Description
Are you using your personal checking account for your side hustle? If you’re just starting a microbusiness, it may seem like it’s not that big of a deal to comingle your money. But Manny Cosme contends that whether you run a small Etsy store or you’re building the next big Fortune 500 company, it’s important to keep your business and personal finances separate.
Manny is the President and CEO of CFO Services Group, an accounting firm based in Washington, DC. He has more than 20 years of experience in financial management, accounting and administration, working almost exclusively with small businesses to get their finances back on track. Manny served as the Vice President of Finance and Administration for the US Hispanic Chamber of Commerce for five years before founding CFO Services Group in 2012.
On this episode of Queer Money, Manny joins us to explain why it’s important to keep our business and personal finances separate, discussing the legal, tax and management ramifications of comingling our money. He shares the distinctions among a sole proprietorship, an LLC and a corporation, encouraging us to open a separate bank account for our business, no matter its structure. Listen in for Manny’s insight on the benefits of getting an EIN (whether or not it’s required) and learn the easiest way to start separating your business and personal finances—today!
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