4 Reasons A Small Business Benefits with a Business Checking Account
Whether it’s opening an online retail store or bringing business to “brick and mortar”, establishing a small business often includes opening a business checking account because it’s important to have your business finance structure ready to ensure the security and success of growing your company.
The 4 Reasons a Small Benefits with a Business Checking Account:
1. Creates a Division of Your Personal Finances vs. Your Company
Small, or not-so-small, businesses with sole proprietorship or joint owners can track income and expenses meant to go towards the funding of their establishment—it’s a lot easier to streamline exactly where your money goes. This is especially beneficial for business expense reporting during tax season.
2. Business Checking Accounts Allow Larger Cash Deposits
As any business starts to grow revenue and handles a larger amount of cash day-to-day, it’s important to have a checking account that allows for making deposits and withdrawals as needed.
3. Consider Additional Services Your Business Will Require
Additional services provided such as merchant card processing allows an easier transaction between customers and your business and can be “bundled” with your business checking account.
4. Get the Best Interest Rates
Business checking accounts typically provide better interest rates than personal consumer accounts. Visit our business rates page to see our current rates on checking accounts and more.
Ready to Open Your Business Checking Account?
Congratulations! Starting a business can feel like a lot to take on, but we’ve got your back. Here’s a list from our Business Checking page, so you know what to have on hand when you open a Business Checking Account online or at a local branch.
1.Business owner's social security number
2. Personal information for all signers including:
Copy of driver’s license and business titles
Business tax ID and SIC code
Date the business was established
Current business address
3. Additional documentation based on type of business:
Sole Proprietorship – certification of assumed name
Partnership – partnership agreement and registration of fictitious name
Corporation – articles of incorporation, evidence of corporate existence or good standing and annual registration report
Limited Liability Company – articles of organization, operating agreements and certificate of existence or good standing
Unincorporated Association or Organization – certification signed by secretary authorizing signatory and copy of by-laws
Grow Your Business Needs With Together Credit Union
Together Credit Union wants to help your business succeed and reach its full financial potential. Talk to one of our business team members by scheduling a phone appointment or email BsuinessServiceStaff@togethercu.org to learn more about our services such as: business money market accounts, CDs, and the premium platinum Visa card.
