¿Necesita una cuenta bancaria de negocios? Beneficios y inconvenientes

If you own and operate a small business, you need to have a business bank account. Having a separate bank account for your company allows you to keep your personal and business assets separated, which protects your business. In addition, building a business relationship with a bank will help you when your company needs lending products, investment assistance, and even retirement planning.

If youre considering opening a small business checking account , Chase is an excellent choice. Not only does it have three business checking tiers to support your company as it grows, but it also gives you access to lending products, merchant services, and retirement plans. Visit Chases website for more information.

Who Needs a Business Bank Account

Nearly every business owner can benefit from a small business bank account . Many are free to open and have no minimum balance or opening deposit requirements and some earn interest. You should strongly consider opening a business bank account if you:

  • Own a business: It will benefit you to have a small business checking or savings account as you can separate your personal assets from your businesss.
  • Run a freelance business: Business bank accounts arent just for large corporations. A freelancer can keep their business finances separate from personal ones in a business bank account.
  • Have more than one business: A business bank account can help you keep the assets of multiple companies separated.
  • Have a business partner: Because all partners will need access to business finances, youll want a separate account that everyone in your management team can check.
  • Own real estate investment properties: If you open a bank account for each investment property, it allows you to keep the finances of each one separate, which not only limits personal liability but also helps your tax professional keep deductions organized.
  • Have employees: Many banks offer payroll services to businesses, which allows you to make sure all payroll and deductions are handled accurately. Some banks even offer discounts on accounts for your employees.
  • Use multiple vendors: Banks also offer accounts payable (A/P) and accounts receivable (A/R) assistance for your business to ensure all your bills are paid and received on time.
  • Need proof of business finances: If your business continues to grow, youll need financing at some point. If you take out credit in the businesss name, youll need tax documents that support your businesss ability to repay the loan.

Benefits of a Business Bank Account

There is almost no reason not to open a business bank account to support your small business.

  • It keeps your business and personal finances separated: You need to ensure your business financial records are accurate. Keeping your business and personal assets separated makes this process much easier.
  • It helps you build your business credit : When you open a business bank account, credit bureaus begin tracking credit history for your business. This will help when you need a business loan or line of credit.
  • It lets you assess your business performance more easily: With your income and expenses running through a dedicated account, it becomes easier to analyze your businesss performance. Some banks even offer software to track business performance.
  • It lends credibility to your business: Customers will see your business as more trustworthy when payments come from a business account instead of your personal account .
  • It helps simplify tax season: Tax preparation will be much easier at year-end because using a business checking account helps maintain a record of income and expenses
  • It helps you build a banking relationship: Building a banking relationship can be beneficial if you need business financing in the future.
  • It allows you to accept credit card payments: Many banks offer merchant services to their customers, which allow you to accept credit card payments into your business checking account.

Drawbacks of a Business Bank Account

There are very few drawbacks to opening a business bank account. The items listed here shouldnt deter you from getting an account as these are just things you need to be aware of before opening a business bank account.

  • Minimum balance or minimum opening deposit requirements: If your business is very small, you need to check to see if the business bank account you want has a minimum balance or minimum opening deposit requirement. If you need a business bank account with no minimum balance requirements, check out Bluevine .
  • Monthly fees, although they usually can be waived: Many business bank accounts come with monthly fees, which can be waived if you meet transaction or balance requirements. If monthly fees are too high for your small business, find a business account with no monthly fees, like Novo .
  • Transaction and cash deposit fees: While most banks have these fees, Bank of America has two tiers of business checking accounts with waivable monthly fees that allow you to increase the number of free transactions as your business grows.

Requirements for Opening a Small Business Bank Account

Before opening a new account, there are steps you need to take and documents you need to provide. Check out our guide on how to open a business bank account first.

Depending on how your business is organized, additional documents may be needed. Whichever bank you choose will provide you with a list of exactly what you need, but heres a list of documents that youll need to submit, regardless of what kind of business you operate.

  • Employer identification number (EIN) or Social Security number if youre a sole proprietor
  • Fictitious business name certificate or doing-business-as (DBA) certificate
  • Business formation documents
  • Organization documents, including your ownership agreements
  • Business licenses
  • Government-issued photo ID, such as a passport or drivers license

Bottom Line

A small business bank account is critical for keeping your personal and company assets separate. It allows you to build business credit, assess your business performance more easily and helps build credibility for your business. In addition, your tax preparation will be much easier, and your business will build a relationship with a bank that can provide additional services as your business grows. With fee-free business accounts available, theres no reason not to get a business bank account for your company.

Is it good to have a business account

A business bank account is crucial for keeping your business and personal expenses and income separate and getting your new business’s record-keeping off to a good start . Opening a business bank account is one of the first things you should do when starting a business.

Why is it important to have a business bank account

The main reason why it’s recommended to open a business bank account is that it alleviates problems that are caused by mixing your business and personal finances . Opening a business account can help you separate business and personal expenses, allowing you to track your business cash flow.

What is the purpose of a business account

Business accounts are used to track the cash balance, money owed to the business, money owed to creditors and payroll paid to employees . The number of accounts a business needs will vary, but business accounts are universal for all businesses.

What are the disadvantages of a business account

Cons of Business Checking Accounts:

There are many fees that apply to business checking accounts and not personal checking accounts . For example, a well-established business is commonly expected to hold a somewhat high minimum balance and may be charged fees for failing to do so.

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