Business strategy: Make sure you open business bank account

Itty Bitty Biz Tips: Open a Separate Bank AccountNo matter what type of legal business structure you have (sole proprietor, doing-business-as, corporation) open a separate checking and savings account to use for your income and expenses.

And always, always, always, put the money you receive INTO the business checking account and pay your business-related expenses FROM the business checking account.

Believe you me, at tax time you and your accountant (you have one of those right?) will be very glad you did.

Note: If you’ve already been running your business for a while and don’t have an account. Get one and start transferring your business activities to it.

Even if you don’t have business income, write yourself a loan for XX amount and put it in the account.

 

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