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system
what should one look for when opening a business bank account?
user
yes, it's a good idea to have a separate business account for your business because it makes accounting and bookkeeping that much easier. you can open a business checking account and there will be various options for types of accounts and fees. you may or may not want an overdraft account, for example, or a separate business credit card just so you can more easily separate those expenses from your personal cards. when i started my business, i opened a business checking account and met with my banker every year just to show them how the business was doing and to keep the relationship going. eventually, when i wanted to establish a business line of credit, it was easier to set up because i they were already familiar with my business, its revenue, and needs for a line of credit. you can set up a solo 401k with your bank, too, and they'll be very happy to do so, but i recommend shopping around for options. i've found that the dedicated investment firms (schwab, fidelity, etc.) tend to have better options, fees, and features for investment accounts. just because a specific bank handles your checking account doesn't mean you need to use that bank for everything. lastly, i use completely different banks for my personal life and for my business. maybe i'm paranoid, but i just don't want all my finances in the same place for both privacy reasons and to avoid having all my eggs in the same basket. just something to consider -- i don't really have a completely sane reason for using completely different banks, but it helps me sleep.
assistant