How to Get A Checking Account for Home Based Businesses

Opening a business checking account makes managing the business easier.

When starting a home-based business, you may want to open a business checking account separate from your personal account. Keeping the business transactions separate helps you manage the finances of the business while keeping your personal finances in order.

Instructions

1. Obtain a post office box for the home-based business. A business mailing address looks more professional then a home address, increasing the customer's trust. Provide your physical address and business mailing address when completing a checking account application.

2. Research banks to find one that fits your needs. Some banks have no monthly fees, no transaction fees and no fees on ATM services. Online account access that includes free bill-paying options and the ability to view processed and canceled checks is available at some banks and may suit your needs.

3. Gather information needed to open a business account. Required information includes a tax identification number, which may be your employment identification number (EIN) if you have one or may be your social security number if you represent a sole proprietorship or individual limited liability company (LLC). If you are doing business under a fictitious name (known as DBA, doing business as), your business certificate is required. Rarely is a home-based business a corporation, but if it is, articles of incorporation are required.

4. Meet with representatives of the bank you selected and open an account. The bank requires an initial deposit. The deposit amount may be as low as $25, depending on the type of business account. Order checks. Ensure that the business name and mailing address are printed on the checks.

References

• About.com: Business
• Everthing.com: Opening a business checking acount