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It's Not Personal, It's Business: Presented by Truist

Watch the video below or scroll down to read the recap

In this workshop, Truist representatives Jordan Wooldridge, Nick Hale, and Jean Muller taught on the whys and hows of separating business and personal finances. They covered topics such as why it's vital to separate your personal and business finances, how to set and refresh your business goals and how to pay yourself, how to organize your finances and business structure and organization, and information on financial accounts and tools to help you run your business smoothly and efficiently.

Before You Jump In

You'll want to reference or download the Truist Separating Business and Personal Finances Guidebook before you review this class recap. Our presenters walked attendees through information found in the guidebook and several sections in the below recap reference certain pages:

Workshop Recap

Why separate personal and business finances?

  • Helps you get a clear view of business performance

  • It gives personal liability protection

  • Ability to get financing

  • Tax implications

  • Financial accounts in the business's name

  • Gives you peace of mind

To read more on the benefits and pitfalls of separating your accounts, see the guidebook page 3.

How to set and refresh business goals?

  1. Business Structure and Impact Goals: Are you going solo or with partners? Will you have employees? Are you a hands-on owner or a “passive investor”?

  2. Personal Income Goals: Is this your primary income? Does this supplement another job? Are you looking for an investment with future payout? Do you need a consistent paycheck?

  3. Personal Commitment Goals: Are there limits on your time? Are there areas outside your skillset? Is there a mission or social impact?

  4. Growth Goals: Do you want to stay small or are you growth-oriented? Are you looking to franchise? Do you want investors in the future?

How do I pay myself?

1. Salary: A set amount paid on a regular basis