Without the corporate veil, any lawsuit against your company (or default on a contract, etc.) could result in your business creditors gaining access to your personal assets, meaning you could lose your house, car, personal bank accounts, investments, and more. If you own a business - whether a single-member limited liability company ( LLC), a large corporation, or anything in between - you should acquire reputable accounting software.īy setting up your accounting system, you’re setting up your business for financial success and also ensuring that you keep your business and personal assets strictly separated.Īccounting is an important maintenance aspect of the corporate veil, which is the name given to the level of separation between the assets of a business and the personal assets of its owners.
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