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Open Business Banking accounts

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Opening a Business Account for Professional Use

Let's be honest, we've all dreamed of starting a business, but truth be told, it's easier for some and difficult for others. To start a business, your best bet is to jump into the exciting entrepreneurship space. To start as an entrepreneur, you have to be self-employed. We could say that being a self-employed professional, a freelancer or an independent contractor is one of the best ways to grow into a business owner. It's also your best chance because when you start as a freelancer or single self-employed individual, your business risk is minimal, and you can also manage your business-related debts easily.

Table of contents

Key takeaways:...Read more

Do I need a business bank account...Read more

What is a large enough business?...Read more

What's a multi-party business?...Read more

What's the purpose of a business bank account?...Read more

How to open a business bank account?...Read more

Is there a minimum balance to open a business bank account?...Read more

Key takeaways:

  • You need to ensure that your business needs a business bank account.
  • There are several parameters to check if you need a business bank account like the number of transactions, if you need to pay your employees
You can use this time to understand the critical aspects of your business and how to scale it. It's essential to deal with the nuances of your business, be it self-employment, a sole proprietorship or a freelance gig. And setting up a business bank account could be what you need to simplify your day-to-day tasks. But is having a business account always a good thing? We'll try to uncover some common misconceptions here and look at why it might be a good idea in other cases.

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Do I need a business bank account

It all depends on the scope of your work; you don't always need a business bank account just because you own and operate a business. For example, for some people, a business bank account could be a priority because they want to keep a separate account for their business expenses, so it's easier to track and find deductions when you file your taxes. For instance, if you’re a freelance photographer and you have multiple clients like social media influencers, to-be weds, real estate clients, a separate business account can easily help you distinguish between payments. However, with the latest tools like FlyFin's A.I.-enabled automatic deduction tracker, you can use any account and it will find your business expenses in minutes. This tool boosts the efficiency of your single-person operation, like freelancers, self-employed individuals, gig workers or independent contractors. But, there can be other more valid reasons to open a business bank account, like:
Do I need a business bank account

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What is a large enough business?

If you work alone and take care of your business, you don't need to go through the long and complicated process of getting a business bank account. This is true for sole proprietors, but only if you don't have a high number of payments. If you’re getting hundreds and thousands of dollars in payments from your clients and customers, then it's time to take the next step towards understanding the intricacies of getting a business account.

Quick tip

Always check the number of payments you get every month to gauge the size of your business.

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What's a multi-party business?

If you need to pay the salaries of multiple people that work for you, you'll need a business bank account. This works for partnerships and LLCs, so if you own or are part of any of these two entities, it's a good idea to open a business bank account.
What's a multi-party business?

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What's the purpose of a business bank account?

A business bank account counters a variety of unique business problems, such as:
  • It helps keep your business income separate from your income.
  • Your funds can have protection against any business liabilities.
  • The business account becomes a necessity if you have a corporation or LLC.

Business bank account for business loans

Easy access to business funds for partners

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How to open a business bank account?

How to open a business bank account?

Choose a bank

Choosing the correct business bank account type

Fulfill the documentation needs

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Is there a minimum balance to open a business bank account?

In most cases, yes. The simple reason is that the bank also wants to protect your business and wants you to have an amount limit cap to maintain for times of crisis. This minimum amount in your bank also dictates the number of transactions you can have in a day.

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What’s FlyFin?

FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors. But anyone can file taxes through FlyFin! FlyFin tracks all your business expenses automatically using A.I. to find every possible tax deduction. Then, our CPA team files a guaranteed 100% accurate tax return for you – to save you a couple of thousand dollars and a ton of time on your taxes. Download the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and more money on your taxes than last year, guaranteed.
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