Can I Use a Regular Checking Account for Business?

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Business Bank Account vs Personal Account

  • If you’re starting a new business, one of the first steps should be opening a business bank account, in addition to a personal bank account.
  • Although having two bank accounts appears inconvenient, registering as an LLC or corporation means you are required to have a separate bank account for business finances.

Benefits of a Business Bank Account

  1. Establishing Business Credibility

    • Opening a business account shows banks that you have a serious business, which can help with loans or lines of business credit.

  2. Privacy and Record Keeping

    • Separate accounts make record keeping easier, which is especially important for LLCs and corporations.

  3. Sustaining Liability Protections

    • Having a separate account for your business can help differentiate your personal and business finances in legal matters.

Top Business Checking Account Options for LLCs

  1. Bluevine

    • Offers the best business checking account for LLCs, with unlimited transactions and minimal fees.

  2. Bank of America

    • Provides ongoing rewards and a great entry-level checking product ideal for LLCs.

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