Your advice please on how to do microbusiness banking
Hi Warriors,
As I gear up to start offering services and (eventually) products online, I figure I need to have a separate account to use solely for these biz activities and to have a Paypal account that is separate from my personal/original one.
I just called my local credit union and was disappointed to learn that in having a business account with them, I would have to keep $1000 minimum balance to avoid nasty fees.
I am starting very small, and had hoped to take a microbusiness approach because things will naturally be small scale at first. Not only do I not have a grand to start the account with, I simply don't know how well my efforts will do or in what time frame they will grow to where the $1000 minimum balance would not be an issue (though of course I have high hopes).
Does anyone have advice on how to do this? Should I not concern myself with using what they technically call a "business account" and just use a personal account? Does that distinction matter to anyone who counts (tax authorities, etc)?
I would appreciate any info you could offer.
cheers
A.C.
As I gear up to start offering services and (eventually) products online, I figure I need to have a separate account to use solely for these biz activities and to have a Paypal account that is separate from my personal/original one.
I just called my local credit union and was disappointed to learn that in having a business account with them, I would have to keep $1000 minimum balance to avoid nasty fees.
I am starting very small, and had hoped to take a microbusiness approach because things will naturally be small scale at first. Not only do I not have a grand to start the account with, I simply don't know how well my efforts will do or in what time frame they will grow to where the $1000 minimum balance would not be an issue (though of course I have high hopes).
Does anyone have advice on how to do this? Should I not concern myself with using what they technically call a "business account" and just use a personal account? Does that distinction matter to anyone who counts (tax authorities, etc)?
I would appreciate any info you could offer.
cheers
A.C.
-
specialized -
Thanks
{{ DiscussionBoard.errors[6176741].message }} -