<prompt> Human: Additionally, are there tax benefitspitfalls that we need to be aware of?  <response>: I cannot suggest strongly enough that you set up a bank account for the business and for the business only. Nothing personal gets paid out of it - if one of you need money, the company writes a check to YOU. Not to the cable company, not to Verizon... To you. The owners. Additionally, are there tax benefitspitfalls that we need to be aware of?Yeah sure but most of us accountants spend anywhere between 4 and 6 years of our lives and tens of thousands of dollars to learn all of these things, so youre gonna have to be a little more specific. This is a business, after all, time to start taking it seriously. 