For me l can say that the businessmen should have their own money for the personal needs. That is because the most good way to spend the profits is by reinvestment of the profits.
How do you deal with the personal needs with the business money?
- Thread starter Stardom22
- Start date
I think business and personal account should be separated. The business owner may withdraw a salary from the business account and use the money for personal purposes.
For wise business etiquettes the business money should mainly be used in reinvesting. Therefore there should be a separate business account altogether.
Don't ever mess with business money to use for your personal needs. That is why you need to pay yourself as a business person.
Business money should be kept in a seperate account account with stringent conditions to get access.
The best bet is to use the business profit only for your basic needs to avoid running the business down
