Scholars Corner: The Steps to Business Banking & Business Credit
Earn Your Leisure
iHeartPodcasts
4.9 • 7.9K Ratings
🗓️ 19 April 2023
⏱️ 9 minutes
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Summary
I'm this Scholars Corner we discuss business banking and the importance of keeping the business and personal separate.
#earnyourleisure #business #banking
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Transcript
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| 0:00.0 | So business banking is important, okay? |
| 0:03.0 | You want to keep all of your transactions |
| 0:05.0 | and a business account for bookkeeping, for taxes, |
| 0:11.0 | and to just help you get access to funding, right? |
| 0:15.0 | So remember, if you want to, you don't want to co-mingle your funds. |
| 0:19.0 | You don't want to have some personal things going on |
| 0:21.0 | and you have business account. |
| 0:22.0 | You take it from here, switching over to here. |
| 0:24.0 | Like, we're not doing our lit. |
| 0:25.0 | We're going to keep this legit. |
| 0:27.0 | And we're not going to get trouble about nobody's, |
| 0:29.0 | new IRSs, new states, none of that. |
| 0:31.0 | So remember, you want to keep your funds separate, separate, okay? |
| 0:36.0 | So only use your business account for business transactions |
| 0:40.0 | and you use your personal account for your personal transactions, all right? |
| 0:44.0 | Definitely, you want to establish a relationship |
| 0:47.0 | with your local bank establishments. |
| 0:49.0 | You definitely want to do that. |
| 0:51.0 | I know that credit unions often are known for, you know, |
| 0:57.0 | giving out the bank or whatever like that. |
| 0:59.0 | But then we have these great big banks like Bank of America chase, right? |
| 1:04.0 | And they're giving out banks too. |
... |
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