Are you wondering if you need a business checking account? This article will answer this question and provide some tips to help you choose a bank. First, you should look for a bank that offers low minimum opening deposits. These accounts typically do not require a monthly service fee and are beneficial if you are just starting out. In addition, you should look for a bank that will waive monthly service fees if you have a certain balance.
When you’re starting a business, you have a long list of logistical errands to complete. Setting up your business correctly can save you money and headaches down the line. Managing your business’ finances is an integral part of this process. However, a business checking account may not be necessary if you’re just starting out. Having a separate account from your business can also help you create a professional image.
Once you’ve determined that you need a business checking account, you’ll need to provide more information. While some banks offer online account opening, most banks require in-person account opening. Be sure to bring anyone who needs to access the account with you. Your social security number is enough to open a business checking account, but if you’re a sole proprietor, you’ll need an EIN. Your business name and any co-owners’ names will be required.
While personal checking accounts are great for small business owners, many businesses also opt to open a separate account for their business. A business checking account offers the convenience of depositing and withdrawing money, as well as allowing you to use the debit card for purchases. The primary cardholder can set limits on the card’s spending and ATM withdrawals. Unlike personal checking accounts, business checking accounts require extra paperwork and documentation.