I recently read a good article on LLC Basics written by Nellie Akalp. In reading the article I was quickly reminded of mistakes that I generally see when people are operating an LLC.
1. Mixing personal assets with business assets.
I frequently see this with rental units. By mixing the personal assets the owner has put these at risk should a tenant file a lawsuit against the landlord.
2. Not filing the required annual reports.
In Michigan an LLC is required to file the annual report by May 15th. Failure to file the necessary reports can result in the state dissolving the LLC, potentially putting the assets of the LLC at risk.
To read the full article please copy the following link into your web browser.
http://www.openforum.com/articles/the-beginners-guide-to-an-llc
