When to separate your personal, business accounts

December 13, 2018
By : Admin
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Financial News Update

The question of when a business is big enough for a separate business account is a tricky one.
Although, there are differing opinions on the subject, it is always best to have a business bank account, regardless of the size of your business.

In fact, small business owners are wise to open a business account before making any business transactions, according to due.com/blog.
There are several reasons to separate personal and business banking but the primary reason is that is never a good idea to mingle funds. Commingling funds open the door a piercing of the corporate veil which can personally expose you to your business’s liabilities. Mixing personal and business funds can also lead to accounting and tax problems in the future.