Small Business Bank Accounts

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gonzo13
Posts: 23
Joined: Tue Jun 03, 2008 6:16 pm

Small Business Bank Accounts

Postby gonzo13 » Tue Jun 03, 2008 6:18 pm

Can a Small Business have bank accounts at two separate banks?

stocks
Posts: 16
Joined: Wed Jun 04, 2008 1:27 pm

Re: Small Business Bank Accounts

Postby stocks » Wed Jun 04, 2008 2:16 pm

Yes, any small business you can have as many business bank accounts as they want. However keeping track of too many bank accounts can be a daunting task and a pain for your accountant :).

theway
Posts: 26
Joined: Tue Jun 03, 2008 6:33 pm

Re: Small Business Bank Accounts

Postby theway » Wed Jun 04, 2008 2:18 pm

Why would you need more than one business account, and furthermore in two different banks?

stocks
Posts: 16
Joined: Wed Jun 04, 2008 1:27 pm

Re: Small Business Bank Accounts

Postby stocks » Fri Jun 06, 2008 6:23 pm

theway wrote:Why would you need more than one business account, and furthermore in two different banks?


There are many reasons why a small business might need more than one business banking account. They might need to have a business account in USD, another in CAD and maybe a business line of credit for example.

theway
Posts: 26
Joined: Tue Jun 03, 2008 6:33 pm

Re: Small Business Bank Accounts

Postby theway » Mon Jun 09, 2008 3:34 pm

You are right Stocks, sometimes even a small business might need more than one business bank account. However for most small businesses, just one account is enough.


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