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What I've Learned – Opening a business bank acct

January 29, 2013

At the New Year I set out to get my business back on track and one of the first things that involved was setting up my business bank account. I’ve been operating Conduit Press for nearly four years now (wow!) out of my own personal account, and it’s been fine. I mean, I would say 90% of what I spend money on on a daily basis is for the business anyway, so it hasn’t been a huge issue tax wise or anything. But, this year, it was time.

See, last year, I was a bad bad business owner. I did not keep track of my records on a weekly, monthly, or even quarterly basis. All the receipts are tucked messily away in a large envelope awaiting the Fateful day in March when we’re left with no choice but to face them. On the other hand, we use Outright to document the business finances and we linked PayPal, our bank, as well as Etsy to it and VOILA! so much is already done for you. Except, oh wait, those 10% of sales on my personal account that are actually personal? Yeah, I have to go back and edit those now. But now, THIS YEAR, I won’t have to because I have my own BUSINESS ACCOUNT!

Anyway – what I’m trying to explain in a not so eloquent manner is that it will be SO super helpful for you to get a separate business account when it comes to the paperwork. It will be. I have to believe that. So, how do you do it? Well, I’ll tell you how I did.

First I went to my bank and asked what they needed for me to open a business account. My bank only required my EIN (which I’ve had since the beginning) and a Certificate of Assumed Business Name. After much running around (the Cert requires a Notary signature and for some reason our County Recorder wasn’t a Notary – so, it was bank, Recorder, and then back to bank, agh!) I was able to file my Certificate with the Recorder’s Office ($12) and get a copy to take to the bank. Once at the bank they were super helpful and opened a free checking and savings acct complete with business debit card and checks! Woot woot! How easy was that!?

So- yes. Do it.

If you have any questions about registering your business with the IRS to get your EIN (you can also use your SSN at times) or getting your Certificate of Assumed Business Name – just ask away!

caveat – The advice in these posts are meant as mere suggestiones. The blogger holds no responsibility for actions taken as a result or reading these articles. The information within this blog is not a substitute for professional or financial advice – they are simply my experiences.
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