Banking Accounts: It’s Not Personal- It’s Business
F is for Finances in my ABCs of Small Business series. One of the first things you need to do when establishing your small business is to separate your personal from your business finances. This will help you monitor and track your business transactions. It will also help ensure better record keeping for tax purposes.
You can start separating your business finances by opening a business checking account. Some banks offer free business banking accounts with starting balances as low as $100.00. Often banks will require the following information:
- Tax Identification Number or Social Security Number
- Business License
- Certificate of Name or Certified Copy of Fictitious Name Certificate
Other items required by banks differ depending on state and business entity. It is best to check with the bank before you attempt to open a business account.
This short video from SmallBusinessNewz does any excellent job at identifying other things that you need to consider before selecting a bank and establishing a business banking account.
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