Hi you guys and gals
I was wondering do I need to have a business acct, or can I use another checking acct (not my personal) to use as a business account? I looked at some of the terms for business accts for some institutions and some of them require a certain amount of funds in the thousands and some transaction fees to keep it.
Howdy Strted@22:
If you start getting checks and wires etc made payable to your business the liquor store may not cash them for you. You will probably need a business account in the name of the business.
Thanks Tedjr
good thing I dont drink…Why cant I use another cking (not my personal) acct instead of a business acct to do business? I just want a acct that has my business name on it.
thanks
Howdy Strted@22:
There are several reasons and one has to do with liability. If you commingle personal and company (LLC or Corp) funds then a lawyer may sue the company and you personally and get the court to pierce the company and take your personal assets as well.
The main problem I have is when I get Company Checks I can not cash them. I can get cashiers checks made out to the Company but no cash. I can not deposit Company checks into my personal account. Once upon a time you could take the Corp papers to the bank and show you owned the company and get money. I did find one company ACE Check Cashing after several hours of searching that would do this but they charge 2%.
If you can get the money orders and checks cashed then no real other reason to set up a Company account. All BOA wanted was a $100 deposit. They charge $15 per month flat fee. Not too bad.
Thanks for all the replies you guys and gals.