get a biz account, make it fast.

as promised via IG, over the next 5 weeks you can expect an in depth breakdown of my 5 key elements to launching/starting your own biz! last week we covered the importance of acquiring & using FREE marketing tools, take a read! this week i am covering the importance of opening a biz bank account. for anyone starting a biz, this is knowledge is essential.


let's talk money! and how to set yourself up for financial success from day one.

BENEFITS OF BIZ BANK ACCOUNT:

  1. biz records & finances stay organized

  2. accurate taxes and deductions

  3. you can accept credit card payments

  4. build professional relationship with bank

  5. opportunities to grow your biz

  6. help save for your biz

  7. avoid personal spending via biz revenue/profit

  8. protects your liability

IN ORDER TO OPEN A BIZ ACCOUNT:

  1. Social Security number (SSN)

  2. Employer Identification Number (EIN)

  3. Business license

  4. Business name

  5. DBA namE

  6. Organizing documents (e.g., Articles of Organization)

what you might need based on your business structure:

sole proprietorships

  • SSN or EIN

  • business license or business name filing document (e.g., DBA name)

partnerships

  • EIN

  • partnership agreement

  • business name filing document (e.g., DBA form)

LLCs

  • SSN or EIN

  • articles of organization

corporations

  • EIN

  • articles of incorporation

THINGS TO CONSIDER BEFORE OPENING A BIZ ACCOUT:

  1. choose your banking institution

  2. look for low maintenance fees

  3. look for low minimum deposit & balance requirements

  4. seek high deposit & transaction offerings

  5. ask about sign -up bonuses

  6. have your documents prepared and ready

  7. understand if you need to open the account in person or online

  8. make sure all your account information is accurate

FAQ:


do i need to have revenue to open a business bank account?

nope! you do not need to be making money to open a business checking account. frankly, opening a separate account for your business should be one of the first things you do.


can i use my personal checking account for business if i a sole proprietor?

as a sole proprietor, you're not legally required to use a business checking account. BUT, using a personal checking account is not advisable for sole proprietors.


can i use my personal checking account for business if i have an LLC or a corporation?

if you operate your business under a legal entity that is separate from you (LLC or corporation) you are legally required to separate your company's finances from your personal finances. using a personal bank account for your business transactions can invalidate any limited liability you receive through the legal entity.

i have been keeping a BIG secret! stay tuned, something BIG is coming to TF! i will be announcing next weeeeeeek, ah. TF members will be the first to know, so be sure you are subscribed!


i hope this helped inspire you & educate you on what is needed to open a biz bank account. if you would like to set up a in depth biz consult with me or connect on how we can work together, contact me! a list of my services can be found under the hire me tab, here. i take clients virtually or in person!


leave me a comment if you enjoy content like this! next week is the last of this series! i will be covering how to identify your dream client/consumer.


XOXO,


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@theFITista

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JENNY SANCHEZ

master instructor

fitness +  business consultant

dance house fitness owner

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