Once you have secured your business name and determined your preferred organizational structure, your next priority is to make sure your business and personal expenses are kept separate from one another. This can be accomplished by establishing a small business checking account and using it to pay for all of your business expenses.
To get started in this process, you can visit several banks in your area to compare the rates, services, and features offered, as your ideal business checking account should include:
– No per check or transaction fees
– No minimum balance requirements
– Interest paid on the daily balance
– Branch offices conveniently located near your business
– A business account ATM card or safe deposit box access – for after hours deposits
– Free notary services
– Access to preferred business banking services, lines of credit, etc.
– Electronic banking features
To obtain your small business checking account, you will need to have either your Social Security Number (SSN) – if your business is set up as a sole proprietorship – or your Employer Identification Number (EIN) – if your business is set up in another organizational entity format- on hand. Additionally, your chosen bank may also ask to see your business’ fictitious name affidavit or its occupational license. For this reason, it’s important that you come prepared when you have finalized your decision – as to which bank you’d like to open your account.
When starting your own business, it’s important to work with a bank that meets all of your needs! Connect with us to learn more about the most ideal banking accounts for your business.
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