Comments on: How to Open a Business Checking or Savings Account http://cashmoneylife.com/how-to-open-business-checking-savings-account/ Money Management, Small Business, Career Wed, 23 May 2012 21:16:10 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: betty jones http://cashmoneylife.com/how-to-open-business-checking-savings-account/#comment-38648 betty jones Sat, 12 Nov 2011 22:28:13 +0000 http://cashmoneylife.com/?p=2544#comment-38648 I need information on opening a business account when its a joint partnership I need information on opening a business account when its a joint partnership

]]> By: Ryan http://cashmoneylife.com/how-to-open-business-checking-savings-account/#comment-29721 Ryan Tue, 01 Mar 2011 17:03:28 +0000 http://cashmoneylife.com/?p=2544#comment-29721 I spoke with some folks at USAA last summer and they mentioned they were considering launching a business account in 2011, but they weren't 100% positive if it would happen or not. I hope they do because I would transfer my business bank account to them. Otherwise, I just recommend going with a local bank in good standing that is convenient to your location. I spoke with some folks at USAA last summer and they mentioned they were considering launching a business account in 2011, but they weren’t 100% positive if it would happen or not. I hope they do because I would transfer my business bank account to them. Otherwise, I just recommend going with a local bank in good standing that is convenient to your location.

]]> By: Romeo http://cashmoneylife.com/how-to-open-business-checking-savings-account/#comment-29720 Romeo Tue, 01 Mar 2011 16:43:09 +0000 http://cashmoneylife.com/?p=2544#comment-29720 Ryan, Thanks for the information. I was asking myself about USAA for the first few paragraphs, and then BAM, there was the answer. I really dislike using more than one bank for services. I'm already about to go outside of USAA because I've researched better choices for my son's 529, and now this. Geez. Romeo Ryan,

Thanks for the information. I was asking myself about USAA for the first few paragraphs, and then BAM, there was the answer. I really dislike using more than one bank for services. I’m already about to go outside of USAA because I’ve researched better choices for my son’s 529, and now this. Geez.

Romeo

]]> By: Regina Roberts http://cashmoneylife.com/how-to-open-business-checking-savings-account/#comment-29157 Regina Roberts Thu, 03 Feb 2011 15:03:11 +0000 http://cashmoneylife.com/?p=2544#comment-29157 Where or what banks are receptive to allowing a person to open a New Mexico LLC business account in California or surrounding area without a SSN? I would appreciate any help/suggestions you can offer. Thanks. Where or what banks are receptive to allowing a person to open a New Mexico LLC business account in California or surrounding area without a SSN?
I would appreciate any help/suggestions you can offer. Thanks.

]]> By: Greg McFarlane http://cashmoneylife.com/how-to-open-business-checking-savings-account/#comment-24596 Greg McFarlane Fri, 16 Jul 2010 03:17:34 +0000 http://cashmoneylife.com/?p=2544#comment-24596 If I may - in order of preference, you should register your LLC in Delaware, Nevada, or your home state unless you live in California or New York. Most Fortune 500 companies are registered in Delaware, thanks to cheap filing fees and a history of judicial rulings that protect shareholder assets from creditors. Nevada doesn’t have the same court history, but its fees are even cheaper and its reporting requirements simpler. Regardless of where you incorporate, your company still has to be headquartered (and pay state business taxes) in your home state. If you do file in a state other than your own, you might need to register with your state’s secretary of state as a “foreign” S corporation or LLC. If I may – in order of preference, you should register your LLC in Delaware, Nevada, or your home state unless you live in California or New York. Most Fortune 500 companies are registered in Delaware, thanks to cheap filing fees and a history of judicial rulings that protect shareholder assets from creditors. Nevada doesn’t have the same court history, but its fees are even cheaper and its reporting requirements simpler. Regardless of where you incorporate, your company still has to be headquartered (and pay state business taxes) in your home state. If you do file in a state other than your own, you might need to register with your state’s secretary of state as a “foreign” S corporation or LLC.

]]> By: Ryan http://cashmoneylife.com/how-to-open-business-checking-savings-account/#comment-24591 Ryan Thu, 15 Jul 2010 18:04:25 +0000 http://cashmoneylife.com/?p=2544#comment-24591 I don't really have any advice about the LLC. In my state it was a simple one page form and a one time $125 application/registration fee. Each state, however, has its own rules. As for the business account, I would talk to the bank and ask what they recommend. It may be easier to open a new account under your new business name/LLC, then transfer any auto deposits to your new account. Then wait a couple months to make sure everything is working as it should and close the old account. I don’t really have any advice about the LLC. In my state it was a simple one page form and a one time $125 application/registration fee. Each state, however, has its own rules.

As for the business account, I would talk to the bank and ask what they recommend. It may be easier to open a new account under your new business name/LLC, then transfer any auto deposits to your new account. Then wait a couple months to make sure everything is working as it should and close the old account.

]]> By: Hank http://cashmoneylife.com/how-to-open-business-checking-savings-account/#comment-24590 Hank Thu, 15 Jul 2010 17:55:48 +0000 http://cashmoneylife.com/?p=2544#comment-24590 For a sole proprietorship, my bank only required me to have a notarized assumed name certificate and an EIN.... along with the personal information you mentioned as well, SSN, DL #, etc. I'm about to switch to an LLC though. Any advice? I"m also about to change the name on my business banking account. So, I'm sure that headache is going to be fun to deal with. For a sole proprietorship, my bank only required me to have a notarized assumed name certificate and an EIN…. along with the personal information you mentioned as well, SSN, DL #, etc.

I’m about to switch to an LLC though. Any advice?

I”m also about to change the name on my business banking account. So, I’m sure that headache is going to be fun to deal with.

]]> By: Ryan http://cashmoneylife.com/how-to-open-business-checking-savings-account/#comment-24584 Ryan Thu, 15 Jul 2010 16:50:47 +0000 http://cashmoneylife.com/?p=2544#comment-24584 Split Cents, my business checking doesn't receive any interest, and the business savings account offered by the same bank offers a minuscule amount of interest. That is why I chose to open the ING Business Savings Account. It takes a little extra work because everything has to filter through my business checking first, but the added interest income is worth it! :) Split Cents, my business checking doesn’t receive any interest, and the business savings account offered by the same bank offers a minuscule amount of interest. That is why I chose to open the ING Business Savings Account. It takes a little extra work because everything has to filter through my business checking first, but the added interest income is worth it! :)

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