April 13, 2009
If i start a business, and get a merchant account can i just use , my private bank account ?
Gim B asked:
I am looking to start my own business. I will be the only one working at it. Can i just use my personal bank account, or do i have to get another account ?
I am looking to start my own business. I will be the only one working at it. Can i just use my personal bank account, or do i have to get another account ?
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Comments on If i start a business, and get a merchant account can i just use , my private bank account ?
You really need to get a separate account for tax and accounting purposes. If something was to happen to your business and the account was frozen or visa versa, it could be ugly if it was all in a single account.
You can but it would be better for tax records to start a separate one. Also think about incorporating perhaps if you do well-to keep your personal and business separate. If you ever got sued or went bankrupt (hope not) then they can’t go after your personal funds and property. As a sole proprietor you can be covered by personal insurance too
You will need to open a business account when you start receiving checks from your customers. I don’t think the bank wants to handle your business from your personal account. Please contact me when you need assistance.
You need to open a separate business account.
Search: Business Empire Magazine
Messes up when i put the link but they usually have information to answer your questions or will get the information for you if they don’t. My college entrepreneurship program has a deal with them