sole-proprietorshipI have participated in a small joint venture since about June 2014. I formed a LLC in early 2015. I assumed that the ongoing joint venture would not fall under the responsibility of my LLC so I have not deposited those profits into my LLC business account. I also gained full time employment in August 2015.
Am I correct in keeping profits from my previous JV separate from my LLC profits?
Should I eventually try to renegotiate the previous JV to exist with my new LLC?
That would depend on the amount of liability you’re willing to foot. In many states, liability is limited to only that which you contributed to the LLC itself. Otherwise, you are personally liable for potentially your ownership share of any lawsuits and such.
Until or if the LLC joins the JV, the profits shouldn’t be put in the LLC’s account as the LLC has nothing to do with the JV.
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