Corporate Bank Account
All corporations need a corporate bank account. Getting one for your company is really important as it is your first step in separating your personal and business assets, and it is also a means for you to protect yourself and your company from liabilities. Normally, shareholders cannot cash out checks made payable to corporations. These are deposited instead into an account
Bank Fees
You can immediately notice the incredibly high rates that many banks charge for corporations. If you compare a corporate account with a personal account that have the same banking activity. You can automatically tell how much a corporate account is charged extra by some banks. These fees could easily mean hundreds of dollars taken from you each year.
However, if you just shop around and research some banks and their rates, you may come across a bank that only charge a reasonable fee for small corporations. Some banks would even waive fees as long as you maintain their required minimum balance.
Required paperwork
After your corporate board comes out with a resolution as to what bank to choose to open you corporate account, make sure you have a copy of your Articles of Incorporation, your federal tax identification number, and perhaps your business license handy for ease of application for your corporate account.
Bank Fees
You can immediately notice the incredibly high rates that many banks charge for corporations. If you compare a corporate account with a personal account that have the same banking activity. You can automatically tell how much a corporate account is charged extra by some banks. These fees could easily mean hundreds of dollars taken from you each year.
However, if you just shop around and research some banks and their rates, you may come across a bank that only charge a reasonable fee for small corporations. Some banks would even waive fees as long as you maintain their required minimum balance.
Required paperwork
After your corporate board comes out with a resolution as to what bank to choose to open you corporate account, make sure you have a copy of your Articles of Incorporation, your federal tax identification number, and perhaps your business license handy for ease of application for your corporate account.
