Best practice for founders who have spent personal money on their company

In this video, I'm answering the question, what's the best practice for founders who've spent their own money on their startup? And this is super common, startups start in a garage or a virtual garage.

00:00 Introduction
00:05 What's the best practice for founders who've spent their own money on their startup?
00:30 Goals
00:47 Switch to a business credit card and bank
00:55 Fill out expense reports
01:02 Create a list of transactions and locate receipts
02:40 Get approvals from the board for refunding yourself the money
03:15 If money hasn't been raised, keep it in your balance sheet as a liability
03:40 Conclusion

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Additional Resources

https://www.youtube.com/watch?v=gRQw8ZyLj7A&list=PLbod9xrQiCpMM5BmTJNCcpQ6-am4Im7lE&index=3
https://www.youtube.com/watch?v=GmUyUAGZK5I&list=PLbod9xrQiCpMM5BmTJNCcpQ6-am4Im7lE&index=6
https://www.youtube.com/watch?v=3uYYsMW50cc&list=PLbod9xrQiCpMM5BmTJNCcpQ6-am4Im7lE&index=7

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Тэги:

#Can_I_use_my_own_money_to_start_a_business #How_much_equity_should_a_founder_CEO_keep #Do_founders_invest_in_their_own_company #What_percentage_of_a_company_should_a_founder_have #corporate_credit_card #corporate_expense #IRS_documentation #IRS_receipts_for_business_expense #expense_reimbursement #fundraising_due_diligence #board_permission_for_reimbursement #expense_disclosure #expense_transparency #balance_sheet_expense #expense_report_documentation

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