11cupcakes Posted 26 Sep 2009 , 9:27pm

Hi guys, I just read how important it is to incorporate your business.Can you do it if you have home based cake business?

5 replies
Kitagrl Posted 26 Sep 2009 , 9:39pm

I don't think it would matter unless you had employees...???

11cupcakes Posted 26 Sep 2009 , 9:43pm

Thanks!

snowynight Posted 26 Sep 2009 , 10:15pm

The thing about incorporating your business even a home based business is the fact that if you get sued they can only take your assets associated with the business and they cannot touch your personal assets.

Kitagrl Posted 26 Sep 2009 , 10:27pm
Quote:
Originally Posted by snowynight

The thing about incorporating your business even a home based business is the fact that if you get sued they can only take your assets associated with the business and they cannot touch your personal assets.




True...but wouldn't your home be associated with the business anyway? So pretty much anything you use for your business would be considered your business...the only thing I guess they couldn't touch is your personal bank account....but for me, I don't really even have a business bank account, I use mostly Paypal and then a little bit our regular personal checking.

snowynight Posted 26 Sep 2009 , 10:38pm

Business assets would be your cake pans, cake decorating supplies. Even if you opened a personal checking account and used it just for business things that's all they can touch. Just keep all your receipts. That way you are keeping it separate.

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