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Your Business CommunityEntrepreneurs starting a business face many decisions about how to best set up and operationalize their company, including whether to register a business;where to set up space;and how to manage finances.

For some, especially those operating as sole proprietors, it may seem easiest to use a checking account that's already set up to manage finances, usually a personal checking account.In fact, according to a 2015 TD Bank survey of small business owners, 56 percent use a checking account for both business and personal finances, and 53 percent use a credit card similarly.Although comingling finances is a common practice, doing so could have consequences for a small business owner.

Using the same account understandably seems easy.It can save the time needed to find the correct paperwork and identification and a trip to the bank to open an account.

Authors: Jay DesMarteau

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