Author Topic: Opening A Personal Business Account  (Read 136 times)

Offline cooljoe

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Opening A Personal Business Account
« on: August 30, 2016, 01:13:11 PM »
Opening a bank account is a critical task for a new business owner. Even if you are a sole proprietor, having a business account is the best way to keep track of your finances and your business records.

A report by http://www.businessnewsdaily.com gives tips for opening a personal business account.

Choosing a bank and account services: Business banking is different from consumer banking; so, the bank where you have your personal account may not necessarily be the right one for your personal business. When deciding where to open your business account, consider the financial institutions in your area. Talk with each of them to discover their specialty and see if it is fit for your company. Some banks are small business spe...ts, whereas others focus on property or equipment loans.

Business banking costs: Many banks offer business current accounts for free, with a minimum balance requirement and a limited number of transactions. As your business grows, you may need to change the type of account your business uses. While enhanced accounts may also charge a fee, the benefits of being able to handle an increased number of transactions efficiently and having access to more bank services offset the cost.


 
What you need to open your account: Documentation requirements for a business bank account vary, depending on the type of business. Sole proprietors are considered more like a consumer, so required documents should be minimal: A tax ID is needed. Corporations, however, need more documentation, including articles of incorporation.

If you are using a name other than your own, known as a ?doing business as? (DBA) name, you need to register that name and provide the form to the bank. You may also need to provide a proof of address, usually an electricity bill or a rent payment.

By opening a business bank account, you can give your small business a firm foundation as it succeeds and grows.

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Opening A Personal Business Account
« on: August 30, 2016, 01:13:11 PM »

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