Step 8. Business Bank Account
Having a separate checking account for your business helps in establishing its validity. This validity is needed when it comes to dealing with the IRS. With personal and business accounts separate, there is no risk of mixing or commingling funds. Separating your business funds from personal is always a great move. Your business can stand alone when it comes time for lenders to inspect its cash flows. Having a separate business account makes your accounting easier to manage and track expenses for tax purposes. As well, you’ll need a business checking account when opening a business credit card account.