2016-12-01 00:00:00 Taxes English Learn why it is important to keep your business and personal accounts and spending separate from each other. https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2017/03/08214738/Business-Owners-Should-Keep-Business-Bank-Accounts-From-Personal-Ones.jpg Keep Separate Bank Accounts for Your Small Business and Personal Life

Keep Separate Bank Accounts for Your Small Business and Personal Life

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It’s important to set up separate bank accounts for your business and personal life, and make sure these categories of spending. Having different accounts for each at a bank is either free or extremely inexpensive.

Separating business and personal accounts makes accounting and tax issues much simpler. Having separate accounts helps to keep your personal and business credit histories different, which may have advantages down the road, either on the business or personal side. Keeping your business account separate from your personal account has a psychological benefits, helping you keep your cool and make more rational financial decisions regarding each entity.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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