Opening your Bank Account

One of the essentials in running a business is opening a new bank account. I’m talking about an account that is solely for business purposes. It doesn’t matter if you already have a personal savings account or a payroll account. For your business– it should be a separate one. Here we will make sense of that and also give you tips about opening a business bank account.

6 Reasons Why you Need a Business Bank Account

  1. It Offers More Protection

The first person who you should protect your business money from is yourself. That is if you want to see your business grow. Don’t get me wrong. What I mean is for separating personal expenses and business expenses from each other.

  1. It allows you to Clearly See Business’ Financial Status

With a separate business bank account, you’ll know that the money in there is for business purposes only. Therefore, you’ll see if it’s depleting or growing. More importantly, organizing your financial records will also be easier.

  1. It Opens More Payment Methods

Having a business account for your business would allow your customers to pay you in check, and through a credit card. And you know how convenient that is, right?

  1. It Makes Banking Easier

As your business grows so does your banking tasks. If that happens, having a business account will allow your employees to handle day-to-day banking tasks on behalf of your business.

  1.  It Helps you File Accurate Taxes and Deductions

You may face IRS penalties if you do not file taxes accurately. And to do so, having business bank account is essential. How? Through your bank statements. Since every financial move in there is for business, you’ll clearly see how much taxes you need to pay. Unlike if your business money is mixed with your personal. Also, you can clearly see business expenses for your tax return.

  1. It Establishes Bank Relationship

If you have a business bank account, your bank knows you are worth investing in. Therefore, if you need a business loan in times of emergency, it will be easier. 

Documents Needed for Opening a Business Bank Account

Now that you clearly understand why it’s a must to open a business bank account let me help you further. These are the commonly required documents that you need to prepare:

  • Personal Identification (Passport, Driver’s License, etc.)
  • Employee Identification Number (EIN) or SSN if your business is under sole proprietorship. (You can Apply Online at www.irs.gov)
  • Business License
  • Certificate of assumed name/DBA
  • Ownership Agreement (i.e. partnership agreement if the business has multiple owners)
  • Business’ formation documents or organizing documents filed with the state

Note: Your chosen bank might require less or more details. Better call them first to make an inquiry.

How to Choose the Right Bank for your Business Bank Account

You might think that it’s better to have your personal and your business account to be on one bank. But there are things you have to consider. Mainly, the bank should have low fees and good benefits. To elaborate, keep these things in mind:

  • Introductory Offers and Benefits
  • Transaction Fees
  • Savings and Checking’s Interest Rates
  • Lines of credit’s Interest Rates
  • Fees for Early Termination
  • Minimum Account Balance Amount and Penalty Fees

It is easy to open a business bank account. You just have to go online or visit a local branch. More importantly, you have to prepare and choose the right bank.

See Also: SECURING YOUR ONLINE BUSINESS

Social Share:

sbobet 88

Slot Deposit Pulsa 10k

Slot Deposit

Slot Server Luar

Daftar SBOBET

Situs Judi Slot Terbaik dan Terpercaya No 1

Slot Deposit Pulsa

Casino Online Uang Asli

daftar sbobet

Slot Bonus New Member 100

Slot Deposit Dana

Akun Pro Thailand

RTP Slot Gacor Hari Ini

Slot Deposit Via Pulsa

RTP Slot Gacor

Slot Deposit Dana

daftar sbobet

Akun Pro Kamboja

Slot Online Deposit Pulsa

agen sbobet

Slot Deposit Ovo

RTP Slot Pragmatic Tertinggi Hari Ini

RTP Slot Hari Ini

sbobet88

Slot Deposit Via Dana

Depo 50 Bonus 50

Depo 50 Bonus 50

RTP Live

Live Casino

Depo 50 Bonus 50

SBOBET

Slot Deposit Pulsa 10rb

RTP Slot

RTP Slot

Bonus New Member

Slot Bonus New Member 100 di Awal

Bocoran RTP Slot Gacor Hari Ini

Slot Deposit Via Dana 10rb

sbobet 88

RTP Slot Tertinggi

depo 50 bonus 50

sbobet 88

Depo 50 Bonus 50

Slot Deposit OVO

RTP Live Pragmatic

RTP Slot Pragmatic Tertinggi Hari Ini

Slot Gacor Terbaru

Judi Roulette Online

Slot Online Deposit DANA

RTP Slot Tertinggi

Slot Gacor Terbaru

RTP Slot

Slot Deposit Via Dana 10rb

Slot Bonus New Member 100 di Awal

Judi Bola Online

RTP Slot Pragmatic

RTP Slot Pragmatic Tertinggi Hari Ini

Slot Deposit Via Dana 10rb

RTP Slot

Slot Bonus New Member 100 di Awal

Slot Gacor

Slot Deposit Via Dana 10rb

sbobet 88

RTP Live

Slot Gacor Terbaru

RTP Slot Tertinggi

RTP Slot Pragmatic Tertinggi Hari Ini

Slot Deposit Via Dana 10rb

sbobet 88

Bocoran RTP Slot Gacor Hari Ini

Slot Bonus New Member 100 di Awal

Slot Gacor Terbaru

Slot Deposit

RTP Slot Tertinggi

Rolet Online

Roulette

RTP Live Pragmatic

Bakarat Online

RTP Slot Gacor

Slot Bonus New Member 100 di Awal

RTP Live Pragmatic

Bonus New Member

Slot Gacor Terbaru

Slot Deposit

RTP Slot Tertinggi

slot online

slot online

RTP Live Pragmatic

slot online

Slot Deposit

Roulette

Depo 25 Bonus 25

Slot Gacor Terbaru

Roulette

Slot Gacor Gampang Menang

Slot Bonus New Member 100 di Awal

Agen Roulette Online

Slot Deposit Via Dana 10rb

slot tergacor

Agen Roulette Online

Slot Deposit Via Dana 10rb

sbobet 88

Slot Gacor Terpercaya

Slot Gacor Terpercaya

slot gampang jackpot

Akun Pro Kamboja

Judi Bola Online

Agen Casino Online

Agen Casino Online

sbobet 88

Slot Deposit Via Dana 10rb

Slot Deposit

slot gacor gampang menang

Casino Online Uang Asli

Bakarat

Slot Deposit

Casino Online Uang Asli

Depo 25 Bonus 25

Slot Bonus New Member 100 di Awal

Agen Roulette Online

slot gacor gampang menang

sbobet 88

RTP Slot

Slot Gacor Terpercaya

Agen Casino Online

RTP Slot Pragmatic Tertinggi Hari Ini

Slot Deposit Via Dana 10rb

Slot Deposit Via Dana 10rb

Slot Gacor Hari ini

slot gacor gampang menang

Agen Roulette Online

RTP Slot Tertinggi

Agen Roulette Online

Slot Bonus New Member 100 di Awal

Depo 25 Bonus 25

slot Gacor Terbaru

slot gacor gampang menang

Judi Bola

Slot Online Bonus New Member

Slot Gacor Online

Situs Judi Bola

Depo 25 Bonus 25

Slot Online Bonus New Member

Slot Gacor Resmi

Slot Gacor Gampang Menang

Slot

situs slot gacor

slot gacor

IDNPLAY

Situs Judi Bola

slot gacor 2023

situs slot gacor

Situs Slot Gacor

Slot Gacor Hari Ini

Slot Bonus New Member 100 di Awal

Slot Deposit Via Pulsa 10rb

Slot Gacor Maxwin

Situs Slot Gacor

slot resmi

situs slot gacor

Slot Deposit Via Dana 10rb

Situs Slot Resmi

Slot Gacor Hari Ini

Slot Gacor Hari Ini

slot gacor gampang menang

slot gacor