You'll develop a relationship with your bank that may be invaluable if you require a business loan in the future.You’ll project far more professionalism and get more respect and trust from vendors and suppliers if you pay with a check in your company’s name.And if you hire an accountant, it means you won’t have to pay for your accountant to sort out your business expenses from your personal ones. You'll have an easier time calculating the taxes you owe.
While it may be tempting to comingle your business funds with your personal funds, doing so risks jeopardizing this limited liability protection.Īside from the legal requirement to maintain a separate bank account for your limited liability company, there are also practical reasons for having a separate business bank account, too.
Because your business is a separate entity from you, you’re required to separate your business finances from your personal finances.
Whether it’s to deposit a customer’s check or pay for a business expense, you’re going to need to set up a business bank account in your limited liability company's (LLC’s) name.It may seem like a hassle, especially in the early days of running your business when things are hectic and you’re trying to keep both feet on the ground while keeping up with all the new demands that a new business puts on you, but it is necessary.īy setting up an LLC, you’ve established a separate business entity which provides you with limited liability protection.
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