I am in the process of planning to form to corporations next year, one will act as the general partnership (me, holding company for future ventures) one will act as the limited partnership (investors for this 1 specific venture). I am finacial commitments from friends and family of $50,000 to help me finish my business plan, pay for attorneys, draw up contacts etc.. for the additional 500,000 I need.
What do I do with the first money? Should I deposit in my personal account then pay my attorney etc.. until I get the corporate docs to set up a business banking account, or should I get my attorney to do the work, set up the account, deposit the money in their and then pay from that account.
Strong wood does not grow with ease. The stronger the breeze, the stronger the trees!