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Do I HAVE to have a separate checking account for my home business?

home business
Kelly H asked:


I recently started a business working from home and it’s going great. Do I even have to have an actual business account or can I just use my personal account?

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This entry was posted on Saturday, November 28th, 2009 at 12:31 pm and is filed under Small Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

5 Responses to “Do I HAVE to have a separate checking account for my home business?”

  1. You really should have a different account. It’ll make things easier when you do taxes and whatnot.

  2. yes. Ohterwise you would’nt know if you have profits or losses. if you have losses and you need something for your company, the money would come out of your own account.

  3. Absolutely - and set it up in a bank different from the one that has your personal account otherwise you give the bank absolute power over you.

  4. Definitely. It will make your life a lot easier as you do your monthly accounts and come tax time.

  5. I was an independent contractor from 2005 - 2007 and I started a multi-level in September of 2007, and all i did was use quicken to keep things separate. I never opened a business account.

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