If you run a corporation or limited liability company (LLC) without separating out your financials, you could potentially lose the personal liability protection you would have as an individual in case your business runs into any trouble. That means creditors could come after your personal assets if your business acquires a debt.
There are other reasons it’s good practice to open a separate business bank account. A business checking account makes you look more professional in front of clients. You’ll get custom checks with your business’s name on them, a dedicated company debit card, and you’ll also make your accountant’s life so much easier for tax time.
Opening a business bank account is also one step to establishing business credit for your company, something that can help you qualify for financing and positive supplier terms down the line. The benefits you get when you open a business bank account far outweigh the headaches—get it over with early, and you’ll be happy you did!
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