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Why You Need a Business Bank Account [Best Account for 2023]

  Рет қаралды 4,546

Jim Hart

Jim Hart

Күн бұрын

Пікірлер: 26
@jeffhaney2827
@jeffhaney2827 Жыл бұрын
Thank you very much for the great information......
@jimhart
@jimhart Жыл бұрын
Glad it was helpful!
@hunterheston
@hunterheston Жыл бұрын
Hey Jim, thanks for all in informative videos. What about seeding some initial funds into a new businesses checking account? As a sole proprietor opening a checking account are there any rough edges to consider when depositing funds earned elsewhere into the new business? Thanks!
@bluscorpion
@bluscorpion Жыл бұрын
Question: how do you categorize the moneys used to start the business? Is that under personal income or business income? (This feels like a chicken and egg question.)
@uhlanibrock3868
@uhlanibrock3868 Жыл бұрын
You can keep track of that money and write it off on taxes for business start up costs. Keep your receipts/evidence of purchases. Also, You don’t get taxed for sending money to your own business bank account
@machineman6498
@machineman6498 Жыл бұрын
Thank you for making this
@jimhart
@jimhart Жыл бұрын
No problem 😊
@offairhead
@offairhead Жыл бұрын
6:07 we don’t really use checks in the US very often. We can send electronic card payments from our phones using PayPal, Apple Pay, Venmo, Cash App, etc.
@jimhart
@jimhart Жыл бұрын
I know. They are becoming less and less common. But even before we left, we had several people that did work around the house and asked for checks - to avoid the fees associated with credit cards I believe. Even if you do Venmo or Paypal as a business, you still get dinged those fees. Here in Europe there is no charge to transfer money to a business via bank transfer (for them or the consumer).
@ericvigen
@ericvigen Жыл бұрын
Very informative and practical. Thanks 👌
@jimhart
@jimhart Жыл бұрын
Glad it was helpful!
@ptmiller98
@ptmiller98 6 ай бұрын
For now I’m opening a 2nd personal checking and savings until I can file my dba and obtain an ein
@jimhart
@jimhart 5 ай бұрын
Getting an EIN is free and a dba is super cheap. I recommend starting with the business accounts. It will make your life so much easier.
@GetThosePoints
@GetThosePoints Жыл бұрын
What about the initial funding of the account coming from a personal account?
@strohmeyerlawpllc
@strohmeyerlawpllc Жыл бұрын
It's not as shiny or impressive as having a Delaware or Wyoming LLC, but having that separate business bank account is *actually*functional* and will make life easier for you, your bookkeeper, and your tax preparer.
@jimhart
@jimhart Жыл бұрын
Unless you live in Delaware or Wyoming you really shouldn’t have an LLC in one of those states.
@strohmeyerlawpllc
@strohmeyerlawpllc Жыл бұрын
@@jimhart 100% agree on that. Wyoming and Delaware are just shiny objects that distract business owners.
@brettlaw4346
@brettlaw4346 Жыл бұрын
What happens to the business bank records if the bank is purchased? Or collapses? In the US, in the UK, for instance.
@jimhart
@jimhart Жыл бұрын
I don't know what happens in the UK, but in the US, the Federal Government will take over the bank as they did with SVB. Deposits are insured up to $250,000.
@Hartsdream
@Hartsdream Жыл бұрын
Can a bank account fai*s
@offairhead
@offairhead Жыл бұрын
👍🏻
@afdgbdfbdfbdf
@afdgbdfbdfbdf Жыл бұрын
If it was the cat, you're automatically forgiven. Obrigadinho.
@li_beard_oil3640
@li_beard_oil3640 Жыл бұрын
😁👋
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