Business Account

Small Business Account: Bank you have a legally formed Business and have been issued an Employer Identification Number (EIN), open a Bank Account specifically for your Business. Having a Small Business Account is essential for keeping your personal and Business Finances separate which can help you gain an accurate picture of your Business cash flow and financial health. Additionally, keeping your personal and Business Finances separate makes bookkeeping and tax preparation easier.

Many Banks offer Business checking and savings Accounts: Business checking Accounts typically do not have a limit on the number of Transactions that can take place, and issue a debit card that can be used for making Business purchases. However, these checking Accounts do not accrue interests.

Business savings Accounts typically earn interest over time, but have a limited number of Transactions that can occur each month. When you are just starting out, look for a Small Business Account that does not have a minimum balance requirement so you are not penalized for having low funds as you work to build your Business.

What is a Business Account in a Bank: A Small Business Account is an Account that helps the Business owner keep Business Transactions separate from personal Finances, and usually comes with special conditions for Businesses.

Which is the best Bank for Business Account: The best Business Bank based on overdraft and loan services.
Barclays (58%). Allied Irish Bank (55%)
Natwest (55%). Bank of Scotland (53%). Clydesdale Bank (51%).
Royal Bank of Scotland (50%). TSB (47%)

Difference between a personal and Small Business Account: A Business Account will both hold and manage money made solely from within a Business, whereas a personal Account holds the exact opposite. A Business Account is a legal requirement for limited companies, whereas many Banks will not allow Businesses to manage their money in a personal Account.

How do I choose a Bank for my small Business: Here are a few things to keep in mind on your search for the perfect Small Business Account:
Know your Business goals and Banking needs.
Finding Banks. Looking for integrations.
Look for experience in your industry. In-person and online needs.
How your Business accepts and makes payments. Loans.
Compare fee structures.

How does a Business owner pay himself: Balance salary with dividend payments, If, as the Business owner, you also own stock or shares in your company, you could take a minimal salary and then pay the remainder out of dividend payments. This can be more tax efficient (since dividends are usually taxed less than salary).

Should I use the same Bank for personal and Business: Another benefit of keeping your Business and personal Accounts at the same Bank is the potential for relationship discounts. Banks want their customers to deposit as much of their money as they possibly can. Keeping all your money at one Bank will let you get the most out of your relationship with the Bank.

Can I pay Business expenses from my personal Account: According to the IRS, personal expenses are not eligible Business expenses deductible against taxable income. Instead, if you were to purchase personal items through a company Account, they should be fringe benefits that are subject to payroll taxes.

Wishing you all the best,
http://www.seeyourneeds.in