Today, we’ll be going over a big mistake that many business owners make called Piercing the Corporate Veil, which can put your assets at risk. The most common reason that people in companies can pierce your corporate veil and get to your personal assets, occurs when business owners treat their corporate bank accounts like their personal bank accounts. This happens when, for example, you are out with your kids getting ice cream and use your corporate card. Since ice cream is not a business expense, you shouldn’t use your corporate card, and doing so can put your assets at risk.
If you only use your corporate account for business expenses, you will protect your corporation’s financial information. Otherwise, people who have been hurt, injured, or suffered property damage can get through to your corporation’s financial information. If you want to learn more about preserving your corporate protection, preventing people from piercing your corporate shield, go to our website and search piercing the corporate veil in our search engine. You will find content with which you can educate yourselves to make sure that your corporation continues to provide you with the protection – which is a primary reason to make a corporation at all. Also, if you haven’t already, subscribe to our YouTube channel and like and share our video on Piercing the Corporate Veil.
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