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Does Status as a Principal Affect Ownership of a Jointly Owned LLC

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  • 02-20-2018, 05:42 AM
    llworking
    Re: Does Status as a Principal Affect Ownership of a Jointly Owned LLC
    Quote:

    Quoting zx7ninja
    View Post
    Really?

    I never thought anything of it.

    We had previously used our joint personal account to deposit the checks and pay the bills. We BOTH did this for years.

    It got too complicated, so I opened a separate account to kind of make it easier.

    That's all. I had no idea I was doing anything wrong.

    You have nearly cancelled out any benefit of having an LLC by comingling the funds by putting them in a personal bank account. Once again, fix that immediately by opening an account in the name of the LLC.
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