With respect to your first question, there's no shortage of ways biz and personal assets can become co-mingled. I'm betting that what gave rise to your question is that in researching LLCs you've heard that mixing the two types of assets can be detrimental.
It's absolutely true you want to avoid such mixing, but the good news is that whether or not business and personal assets become 'mixed' in the first place is up to you -- it can't happen without your consent.
Couple of simple examples: The owner of a lawn-care supply store bringing home some 'inventory' every weekend to mow and tend his own property. A biz owner paying for her company's expenses from her personal checkbook and credit cards. And you can think up 500 other examples; there's no official definition--it's just a common-sense thing.
That isn't to say that such activities must never happen. Just keep two fundamentals in mind always: Proper documentation and accounting; and keep it infrequent, if at all.
That said, there exist certain exceptions, such as when a business owner leases property owned personally (usually real property) to his or her company, to be used in the business. But such situations are (a) very situation-specific; (b) usually executed for certain tax advantages; and (c) tricky little critters requiring professional advice to structure and operate. Check in with your accountant for more details.
But in general, just use common sense and you'll be fine. The idea is to respect the existence of your LLC. Let it pay its own expenses from its own checking account, and generally let it own the assets it will use in the conduct of the biz.
Cheers, and best of luck!
__________________
...it was early and I was full of no coffee...
|
