If you’ve started a new business, one of the most important steps you can take to keep your personal and business finances separate is to open a business bank account.
As a new business owner, you may not know what to expect when you open a business bank account. You can usually apply for a business bank account fairly quickly by filling out the required forms and providing the documentation the bank requires. Knowing the information and documents required in advance can streamline the process of getting it set up.
To learn more about the steps to launch a new business, including how to form your business with an exclusive offer from Bizee, visit The Bank of America Start a Business Center.
Business bank accounts can generally be opened fully digitally online or through a mobile device. Alternatively, business owners can visit a branch or call to start an account.
You may need some or all of the following, depending on how you have formed your business’s legal structure:
To address other questions you may have about opening a business bank account, see our Frequently Asked Questions.
It makes it easier to track your business’s inflows and outflows so you have a bottom-line accounting of revenue and expenses. It can be very challenging to do your taxes accurately at year-end if you have commingled your personal or family finances with those of your business.
Business bank accounts make it easier for you to give another person — like a business partner or bookkeeper — access to your transactions. And business bank accounts come with many tools not available on consumer accounts that make it easier for you to run your business.
Establishing a business bank account can also help you build your business’s credit profile.
Three types of business accounts will help you operate your business.
Here are some things to look at:
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