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    5 Replies Latest reply on Oct 26, 2007 10:03 PM by WEBillions

    Checking Account

    Fred_Landing Newbie

      I have a very small business that I run part time. I know that I need to separate my personal finances from my business finances but not sure what I really need. I have been just using paypal and depositing the money into my personal checking account, this is driving my wife crazy because she thinks we have more money then we really do.

       


      I want to bite the bullet and set up a checking account in the business name but really do not want to spend a lot of money? Is there any free business accounts like personal accounts? Does anyone have suggestions to what to look for or should I just keep using my personal account? If I do set up a checking account for my business is there any rules transferring money from one account to the other?

       


      Any help would be greatly appreciated before my wife overdraws our account.
        • Re: Checking Account
          LUCKIEST Guide
          Going into business is fun and Bank Of America is a great web site to get good info.
          Lets start at the beginning. You run a part time business.
          Do you have a business name?? You also should register the business with the I R S and
          get a Federal I D Number. Witha business name and the I D number, you should be
          able to go to your bank and open a separate checking account.
          You can also visit SCORE on line and get great info on starting a business.
          Good luck, LUCKIEST
          • Re: Checking Account
            BDS INC Adventurer
            I agree with Luckiest, definitely open a seperate business checking account. Even if your business is part time now, better to start off on the right foot while you are small then to get into an accounting mess as your business grows.
            • Re: Checking Account
              DomainDiva Ranger

              Most large banks have some kind of free business checking, you may want to check with a smaller bank as well. Be sure to have your IRS tax ID number and any business docs (incorporation papers) etc. with you when you open the account.

              Don't keep using your presonal account, a business needs to be treated as such...separate from personal monies.
              • Re: Checking Account
                karaokekrazy Newbie
                There are several ways of tackling this checking account for business. How are you going to use it? What is your business structure? What type of business structure do you have?
                Depending on what type of business structure you have like if it is a sole proprietor , corporation, llc, you need some type of documents to be able to open up accounts. Mostly, sole proprietor needs a fictitious business name, corporation needs the articles of incorporation and federal tax id, and llc need articles of organization and federal tax id depending on if it is a single member or more. Normally, sole proprietorship business does not require federal tax id or E.I.N. but other than that, you need to get the tax id.
                There are institutions that offers free business checking as they say with "no fees", however, you should still make sure that the institution you are going with has all that is that you need for your business. Some banks offer free business checking as long as you have a personal account with the bank.
                Also, these can be the questions you can ask yourself. Do they have convenient locations for you? Do they have online banking? If so, how safe are their online banking? Do they offer free check cards for the business? What type of service will I get with this insitution? Will you be able to apply a line of credit or credit card even if you're new in business? Can you open the account online, phone or in the banking center? Most importantly, are the associates courteous, friendly and delightful?
                These are the questions that you can ask yourself and hopefully it helps you to decide on where to go and start your business relationship with. If I were you, I will go to the bank that helps me realize my dream may it be in business or personal life. Opportunity is everywhere when you know where to look.
                • Re: Checking Account
                  WEBillions Adventurer
                  Yes, open a separate account. It will make your life so much easier. Bank of America gives you a free account for two years! Surely, by then you can afford to pay a little bit every month for the convience. I'm sure that's what they are banking on, hehe, get it?