Business Bank Account

If you are looking to start a company and are trying to determine if a business bank account is required than ask you need to read this article. I will cover if you need a business checking account and if you do need one what the benefits of having a small company checking account will be.

Do you need a business bank account?

  • You don’t have any employees
  • Your small operation has no significant expenses
  • Most of your clients pay you on a per service basis (for example dog walker, hair cutter) as opposed to a per unit of production
  • Your total income is used annually for personal use
  • You have the ability to easily identify money from your company

If all the business questions above apply to your situation you don’t need to have a business bank account in most states, however it is best to check with a local accountant to confirm.

If you do require a business account at a bank then you will realize the Benefits of a Business Bank Account…

  • Avoid confusion between personal and business transactions
  • Increase your credibility when dealing with other organizations
  • Increase the number of options for you to get paid
  • May help in receiving small business loans
  • Required to incorporate your business(which has additional pros/cons)

Compare Small Business Bank Accounts

Comparing small business accounts is the next logical step in choosing a business account. There are thousands of options for you to choose from including free business checking account options, complete a-z solutions involving funding and extensive personal help.

My recommendation is to choose a free checking account to get you started and then proceed from there as your business grows. Keeping the costs down at the start can be a real benefit to many small business owners.

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