Black Business Month: What To Consider Before Starting A Business With Your Spouse - Page 5
How will you organize finances?
When you start a business with someone other than your romantic partner, your finances are not comingled, so the money part is clean and clear. You start a business account. You open a business credit card. But it’s easy for the finances to get messy when you’re working with your romantic partner. In the same way you put toilet paper for the home on your joint credit card, you may put printer ink for the business on there, too. That could happen with a dozen things, making it really difficult to extract business from personal expenses later for taxes. Then there’s bigger moving parts, like when you need more capital. Do you grab that from your joint savings? But what if that was meant for a down payment on a home? Now you have to choose one or the other?? See, it gets messy fast.
