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Top 5 Mistakes to Avoid When Starting a Business | Subto Breakout

Wholesale Hotline

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Do I Need a Promissory Note?

You don't need a promissory note unless it's an actual loan that's supposed to be repaid as debt. You should update your corporate records that you've made a capital contribution. Number two is somewhat related, but I would say another mistake is failing to have a affiliate or subsidiary structure. So rather than just operating everything out of one LLC, you really should segment them based on the risk and type of income.

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