On 7/8/2013 10:46 AM, Ignoramus19720 wrote:
On 2013-07-07, wrote:
....

The _real_ lesson is don't let personal finances intermingle w/ the
business.

Very true. The dividing life between my "business life" and "personal
life" is fuzzy for me, but I do keep the money separate. And also,
when one is buying and selling, it is not easy to determine the "true"
income, due to inventory valuation, but I try hard to be
conservative.

And the corollary is that if there is any real risk in business of
liability or other way to put large amounts of personal assets at risk,
do _NOT_ operate as a sole proprietorship. And, of course, the point
above of don't incur personal debt to subsidize any business entity no
matter how it's structured.

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