Keep Personal Income Separate from Business Income

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THE OTHER DAY AT MY OFFICE, a friend of mine and of course a cerebral fellow in the business of digital marketing - Mr Peter Eyo, while in an insightful group discussion with other male friends who came around, advised that business operators should keep personal income separate from business income. 

And when we asked why, he gave a generous and reasonable explanation.

Today, the world’s largest cryptocurrency exchange, Binance, has allegedly committed a similar blunder.

The firm is said to have commingled customer funds with company revenue in 2020 and 2021, in breach of US standing financial rules that require customer money to be kept separate.

“If true, it then means that money flows at Binance lack internal controls to ensure customer funds were identifiable and segregated from company revenues”, three former US regulators said. 

If you need to learn more about why personal income shouldn’t be commingled with business income, book a free session with me by leaving a message in the comment section below. Thanks.

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