The first step, if you are new business or have yet to legally register your business, is to establish a legal structure for your business. This is the most important step to take in separating your finances. The legal structure of your business will dictate your risk and liability, and how the IRS will receive your business taxes. Some structures include a sole proprietors, partnership, LLC, corporation, and small business corporation.
Depending on the corporate setup of your business, you can, in fact, be held personally responsible for company debts, including seizing assets to satisfy creditors. In order to make the best decision, take the time to discuss your options with an attorney, CPA, and financial planner.