Business Bank Accounts

Posted by Logan Marshall on August 25 in 0. PreBusiness Considerations |

Why you should get a business account.

Regardless of the size, set up or nature of your business you are going to need a business bank account. Even if you are setting up on your own it is vital that you keep your business accounts separate to those of your personal finances. For a start off filing tax returns will become much easier.

What is needed to open a business account.

In order to open your business bank account there are several documents that you may need to produce; exactly which documents you require will depend largely on the type of organisation you have established and the bank you intend to use, however you will definitely require an original copy of your Business License and your Federal Tax ID though, so make sure you have them to hand when needed. If you’re lost your License, which is quite understandable with the amount of paperwork you are probably wading, through you can reapply for another original copy but you will have to pay the fee again.

What a business account offers.

Business accounts can offer a lot more than just somewhere to store your money and withdraw it from. Most banks understand that businesses have different needs entirely to individuals and they offer you value added services in light of this fact. Improved interest rates compared to the traditionally low ones are becoming more widely available for businesses now. Free checking accounts are also available from most banks and if you’re going global online then you will want to try and find a bank that will act as a merchant account for your online transactions. This requires a good level of understanding on the bank’s part because a CNP (Cardholder Not Present) transaction can lead to some costly conclusions.

Shop around for the right account.

With so many banks offering so many different options it can sometimes be a baffling experience trying to select the right one. Probably the most important and pertinent fact about your business bank account is the amount of transactions that will be completed on a regular basis. You will be withdrawing and depositing money regularly and you need to try and keep the costs of these transactions down as far as possible. Shop around to try and find a bank that will tailor an account to your exact needs and specification. This is more important even than the interest rate on offer; this can be difficult to remember because with personal accounts it is almost all about the interest rate.

http://www.us.hsbc.com/business/business_home_page.html – HSBC offer excellent packages for the business user and are worth considering in your hunt for a business bank account.

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