(EMAILWIRE.COM, May 12, 2008 ) Los Angeles, CA--One of the most common business mistakes made by business owners and entrepreneurs is commingling their business and personal finances. The result can often be catastrophic. And for the most part, small business owners aren’t even aware of the implications.

I had an opportunity to talk to Pat Gage, the Opportunity Creator, the other day and he had a lot to say about protecting your personal assets by keeping business finances separate. Business owners applying for a personal loan, for home improvement or a new car for example, are often turned down due to appearing to be overextended with business expenses.

Pat told me, “The result of all this commingling of credit can often result in two of the ugliest words in the English language – “bankruptcy” and “lawsuit”. Unfortunately, many small business owners don’t even see it coming.”

Pat went on to explain that often the small business owner will use personal funds to either launch, or finance the expansion of their business. This can involve using personal credit cards, even taking out a Home Equity Loan or Home Equity Line of Credit. This commingling pierces the corporate veil, which opens him up personally to lawsuits. The money goes into the business on the premise that the business will pay it back. But when sales go down, and the business can’t afford to make the payments, it all comes home to roost.

Pat explained how not to get into this situation in the first place, but many small business owners and entrepreneurs are unaware of how they can establish a separate business credit profile. And this can often result in unfortunate consequences.

There are many pit falls to starting or expanding a business, but commingling personal credit and business credit, and finances is one that should be strenuously avoided at all cost.

Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at http://www.10stepstomoney.com

Contact

Destiny Now, LLC
33006 7 Mile Road Suite 423
Livonia, MI 48152

Phone: 734-261-0688
Toll Free: 877-262-0688
Fax: 734-422-6168
Email: info@opportunitycreator.com

Contact Information:
Destiny Now, LLC
Pat Gage
Tel: 877-262-0688
Email us


This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.