Should I open a business bank account for my small business?
Written By: admin on November 12, 2009
2 Comments
I recently started a small business and I was wondering if I should start a business bank account or should I just get another personal bank account separate from my other personal account. The business I own is a computer repair business and it is really small. Just basically a side job for when I am in college. The point I am making is that I do not make that much so I do not really want a business bank account that costs a lot per month. What do you advise me to do? Thanks in advance for your help
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Tags: business bank account, computer repair, fixed rate private student loan consolidation, home equity loan lowest rate, personal account, personal bank account, repair business, side job, small business, thanks in advance
Hi –
Check with your bank – I opened a free business checking account with Washington Mutual (now Chase), and it really costs me less than my personal checking account with another bank. You may still be able to open a free business checking account with Chase.
If it is not that profitable a business it is not worth opening an account for it. As you rightly pointed out it does cost monthly to service a business account. The best thing to do is to keep a ledger that way you can log in money that comes in and goes out on the business. That will let you know where your business funds are.
I suggest you open a separate personal account and keep that money separate from your own personal expenditure. You were thinking in the right direction.
I hope second opinion has helped. Have a nice day.