s.weir Posted April 10, 2010 Share Posted April 10, 2010 Hey, So I am curious is it okay to just use a separate regular bank account for your business or should I be getting a business account for it. it just seems like I will be paying alot in fees for no benefits. Thanks Scott Link to comment Share on other sites More sharing options...
bostonvendor27 Posted April 10, 2010 Share Posted April 10, 2010 I have a Bank of america business account. As long as you make one transaction a month it is free. the transaction could be as little as a pack of gum. I Guess It depends on how legit you want to go? The business account I have is going to help me come tax time. Link to comment Share on other sites More sharing options...
amc-vending Posted April 10, 2010 Share Posted April 10, 2010 from a business point of view and from the IRS point of view you need a separate bank account to handle all of your transactions. AS bostonvendor27 pointed out BOA has free business checking as long as you use the debit card at least once a month. I use it to pay from my product at Sams or online. Link to comment Share on other sites More sharing options...
caserri Posted April 10, 2010 Share Posted April 10, 2010 I use Citizens Bank and they offer free business checking. Link to comment Share on other sites More sharing options...
s.weir Posted April 10, 2010 Author Share Posted April 10, 2010 Huh okay well good to know. None of our banks really offer free business account, we have really cheap ones, but thats about it. I am asking more how much of a difference it makes having a business account versus just another chequing account. Link to comment Share on other sites More sharing options...
JPVendCo. Posted April 10, 2010 Share Posted April 10, 2010 I use a separate personal account at a different bank then my normal personal account. I dont want to worry about minimums and requirements. The important thing here is to keep it separate from your personal finances. if you buy machines or anything really with your personal money, you should "pay yourself back" know how much you used and make payments to yourself. I write myself a check, and put in the notes "loan payment #1" Link to comment Share on other sites More sharing options...
s.weir Posted April 10, 2010 Author Share Posted April 10, 2010 JPVendCo. thanks for the clarification. I have a separate account open at a different bank which I use as my business account and I think i will probably just electronically transfer my wage out. I will obviously keeping all of the records for this and yes I do pay myself back and keep records accordingly when I use personal money. Link to comment Share on other sites More sharing options...
mission vending Posted April 10, 2010 Share Posted April 10, 2010 As long as you keep separate accounts for business and personal stuff you should be fine. The only interaction between my business and personal accounts is what I pay myself. Link to comment Share on other sites More sharing options...
dloiselle Posted February 23, 2011 Share Posted February 23, 2011 I have had other business ventures in the past and this year have decided to diligently keep the records separately. MY main reason though I will use whatever funds necessary to meet my obligations is that God forbid an audit should arise, it will be simpler to keep the finances separately, I would think anyhow. Fo rmany years past, especially last year, I would just utilize one account. Somewhere around the end of last year I sat and just added up the deposits I made to my business account, now keep in mind I do work on occasion for others, I ran much more money through that account than I know for a fact was issued to the business. Hence my HOLY COW reaction and now diligent effort to keep them separated. Link to comment Share on other sites More sharing options...
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