[GNC] keeping entities separate

[Stephen M. Butler]

On 08/13/2018 05:52 AM, patrushkha via gnucash-user wrote:
> I just started using Gnucash and thought I'd gotten through the learning curve; I have 2 small businesses and entered both of them as well as my personal data, but discovered they are all mixed together. At least I think so, I'm not versed enough to understand how I got there or how to untangle entities.
> Can anyone suggest a process to separate them OR do I have to start all over? 
>
> I'm also willing to hire someone to get me on track- Los Angeles area.
>
> Thank you so much,
> Pat
I also have a small business that has its own bank account, loan,
income, expense.  I keep a separate file and don't mingle it with my
personal books.  This helps now that I'm selling it.

However, it has a small price to enter transfers from personal to
business and versus into both books.  It my personal side its between
two assets (my banking and my LLC ownership).  On the business books it
goes between the business bank account and an equity account (my equity
in the business).

If these are more like small hobbies, then you might dedicate some
expense/income accounts just for the hobby to use and mingle everything
else.

Note that if you are seeking "corporate shield" for your business
activities then you need to keep a separate set of books and bank
accounts.  Otherwise, at least here in the USA, the courts will "pierce
the veil" and hold you personally liable for actions of the business. 
That was important for me as my LLC owned an apartment building.  If
something bad where to happen there, I might lose the apartment building
but I should be able to protect my personal assets. 

-- 
Stephen M Butler, PMP, PSM
Stephen.M.Butler51 at gmail.com
kg7je at arrl.net
253-350-0166
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