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[ad_1] We should separate social media’s networking infrastructure from the editorial role [ad_2] Source link

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[ad_1] U.S. grounds Virgin Galactic flights pending mishap probe [ad_2] Source link

[ad_1] Earlier this year, the power producer had completed the tie-up of a $1.35 billion revolving credit facility for debt funding of its construction stage projects. [ad_2] Source link

[ad_1] The post Do I Need a Business Bank Account? Here Are 5 Reasons Why appeared first on Millennial Money. Opening a new business is mega-stressful. Especially if you’re going into business as a sole proprietor, you may be thinking: Do I really need a business bank account? Business accounts are private accounts business owners use to keep their business finances separate from their personal finances. Usually, you’ll open one under your business’s name, rather than your personal name. Keep reading to find out why you need a business bank account and how to open one. 5 Reasons to Open a Business Account Whether you’re opening a store with a team of employees or plan to turn your side gig into a solopreneurial career, you need a business bank account. Not only will having a separate business bank account simplify your accounting, but it may even be legally necessary. Here are five reasons why having a business bank account is imperative. 1. Organization Believe it or not, your small operation could quickly snowball into a much larger one. When that happens, you’ll have additional expenses and income to keep track of. If you’re growing a business and making many transactions, it’s critical to remain organized and efficient. Opening a bank account is a good way to keep your finances on track.  A business account will also come in handy if you decide to apply for funding or if you want to sell your business in the future. Lenders and buyers will want to see your bookkeeping before deciding to work with you. 2. Professionalism Owning a business involves responsibility and professionalism. Customers and clients won’t take it seriously if you treat your enterprise as a hobby or side project. Opening a business account can make your business look professional, leading to a stronger reputation and better relationships.  3. IRS regulations The IRS mandates that incorporated businesses maintain separate accounts. This holds true for incorporated sole proprietors, corporations, and partnership agreements. So it may be necessary to open a bank account to maintain compliance with the IRS. In addition, as a business owner, you face a higher risk of getting audited by the IRS. If this happens, having a business bank account can make preparing for the audit so much easier. You’ll always know where to gather the required documentation for all of your income and each business expense.  4. Protection  Businesses are targets for cybercrime and fraud. It’s also not uncommon for businesses to face legal issues.  For liability purposes, it’s important to shield your personal finances from the business as much as possible. This means avoiding using your personal bank account for business transactions.  By using dedicated business accounts, it’s possible to achieve greater security — preventing costly instances of fraud and abuse.  5. Payroll If you have employees, you need to pay them — no ifs, ands, or buts about it. The easiest way to pay your employees is to open a business checking account and set up direct deposits directly into their personal bank accounts.  Of course, if you don’t want to overdraft on your account and get slammed with fees, you’ll always need to keep enough money in your account for payroll. It’s a good idea to maintain a healthy buffer in your business checking account at all times. How big a buffer you need depends on your cash flow and the size of your team. Types of Business Banking Accounts There are a few different types of business banking accounts. But for new business owners, the most important bank products we’ll discuss are checking accounts and savings accounts. Business checking accounts Business owners use their business checking account for everyday transactions such as paying bills and making purchases. They offer many of the features you’d expect from a personal checking account. For example, you can deposit and withdraw cash using a debit card, paper check, or ACH (bank-to-bank) transfer.  Many business checking accounts have monthly maintenance fees. But in most cases, your bank will waive your fees if you maintain a minimum balance. Business savings accounts Many business owners open business savings accounts to park cash they’re not going to use right away. Just like personal savings accounts, these business accounts earn interest, making them an ideal spot for your business’s tax-time and emergency funds. The Federal Reserve used to limit savings account holders to only six transfers and withdrawals per calendar month or four-week statement cycle. But in April 2020, regulators removed that limit. Still, some banks have kept a limit in place.  Do I need a business checking account or a savings account? Here’s the short answer: You need both.  Each type of business bank account has its own function. And both functions are necessary for the health of your business. First, you’ll need a business checking account to handle all of your daily needs. You’ll use your business checking account to pay for everything you need for your business — from rent and marketing to merchandise and payroll and everything in between. Chances are, you’ll also use it to hold the money you make for the short term. On the other hand, you’ll need a business savings account to earn interest on the money you’re not going to use right away. This makes it the perfect spot for an emergency fund you can tap into if disaster strikes. In addition, having a savings account is a way to build business credit. (Yes, your business gets a credit score too.) Having money in your savings account shows future business lenders that you can repay them. Plus, for solopreneurs, it’s also a great way to start saving for your retirement — if you ever decide to retire! How to Open a Business Bank Account Here is my step-by-step process to open a business bank account. Shop around for the best bank rates Get your paperwork ready Fund your accounts Set up your vendors and clients Track and monitor your accounts 1. Shop around

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[ad_1] U.S. Coast Guard investigates hurricane damage on Noble drill ship [ad_2] Source link

[ad_1] Credit Information Bureau (India) Limited (CIBIL) is the organisation that maintains credit scores (CIBIL Score) on the basis of various criteria that affect credit worthiness. [ad_2] Source link

[ad_1] Make it a movie night with this free rental from Redbox! Redbox is offering a free one-night movie rental today when you use the promo code REDBOXFREE at checkout! Limit one per account. Valid today only, September 2, 2021. Thanks, Freebie Radar! [ad_2] Source link

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